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
There's another important thing to know is that losses can't be carried back.
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So what if you take your gains this year and what if you don't take your losses until January 2nd or 3rd?
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Those losses cannot be carried back to shelter 2023 income.
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They can be carried forward, but there's a sort of a hard and fast stop at December 31st.
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Ever since the 2017 tax overhaul, the standard deduction has been quite high.
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For a couple this year, it's close to $30,000.
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The actual amount is $27,700.
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And this is the amount of money that you can just subtract from your income to save taxes.
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The other thing you can do is itemize deductions.
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On Schedule A, this is where you take your mortgage interest and your charitable contributions.
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and health care expenses if they qualify and things like that.
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Because the standard deduction is so high, most people take it now.
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It used to be that 30% of taxpayers itemized on Schedule A. Now only about 10% do.
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And so that makes a big difference.
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If you take the standard deduction, you won't get a specific tax break for your mortgage interest.
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So maybe you want to pay down that mortgage.
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You won't get a specific tax rate for your charitable contributions.
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So maybe you want to wait and make them next year or bunch them in years when you are going to itemize.
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I would be very careful about doing that.
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You need to know whether you're itemizing or taking the standard deduction because you won't get a specific tax break for it.
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Showing 541–560 of 5,937 · page 28 of 297
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