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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Appearances
WSJ Your Money Briefing · Should You Take the Standard Deduction on Your Tax Return? · 18 Jan 2024
podcast
So there's a kind of a big amount that drops out.
It's worth checking, but it's not going to come from Band-Aids and contact lens solutions.
A lot of people over 65 have paid off the mortgage on their houses, and they don't have a lot of other itemized deductions, so the standard deduction may make sense for them.
In addition, you get an extra standard deduction if you're 65 or older.
It's at least $1,500 per person and can be a little bit higher.
So that's something to check, but often the math is going to push you into the standard deduction.
Well, I suspect that for most new filers or young filers, that the standard deduction will be much more generous and much better for them than itemizing.
But they should check it out, and the tax software will help them do that.
Well, it's easy to get one.
You file a form and you say, I need six more months for my taxes.
But this is important to remember.
It's only to prepare and file your taxes.
It's not to pay your taxes.
You must pay what you owe by April 15th, or you will incur penalties and interest.
And remember that the interest right now is about 8%.
If you haven't paid what you owe.
Because the Fed started raising interest rates in 2022 and it was just very steady and lots of bond funds lost money.
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So people still have net losses on their bonds.
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So if you're looking to harvest losses to offset gains, that's the place to look.
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This is one of the nice things about the tax code.
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Showing 501–520 of 5,937 · page 26 of 297
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