Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Money Moves to Make Now to Reduce Next Year’s Tax Bill · 1 Nov 2024 podcast

And also that if you've had quarterly payments, that you've paid the right amount in the right quarters, because otherwise that can still bring you a penalty.

Oh, that's the most important thing of all.

If that's going to cause you to get outside these safe harbors, try to pay more to Uncle Sam to pay what you owe through changing your withholding.

Now, employees can do that with their paychecks.

And retirees can often do it with withholding on their IRA payouts and things like that.

Why would you do that?

The reason is that withholding can go all the way back to the beginning of the year and protect you from higher taxes on say a spike in income, a capital gain, a windfall, a bonus from work, things like that.

So if you change your withholding, you won't have as much problem

with underpayment of taxes and interest charges on that.

So what some people do is bunching.

They take the standard deduction one year, and they itemize the following year.

And how they handle this is that, say they give a certain amount to their church every year, but they would make two contributions in one year so they can benefit from itemizing, and then they make no contributions the following year, and they take the standard deduction then.

A lot depends on the election of the president and also of the houses of Congress.

We just don't know what's going to happen with that yet.

But Congress has a great big deadline coming up at the end of 2025.

That's when a lot of important provisions lapse and they've got to figure out what's going to happen next.

That's important, too, because a lot of people have inherited IRAs since the law changed in 2019.

And it changed as of 2020 going forward.

But it was very confusing about whether you had to take distributions from those inherited IRAs every year or whether you didn't.

And the rules are complicated.

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