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 · Big Tax Breaks Await Those Who Plan Ahead This Year · 29 Nov 2022 podcast

And this year, we got a very big bump in the standard deduction because of inflation. matched

For 2022, the standard deduction for a married couple is $25,900. matched

But for 2023, the standard deduction is now $27,700. matched

That's an $1,800 boost, and it's going to put more people into the standard deduction rather than deducting their state taxes and medical expenses and mortgage interest. matched

Single people are getting a boost as well. matched

They're going from $12,950 to $13,850. matched

So that's a pretty big jump, $900. matched

And then the other thing to remember is that people who are 65 or older, they get an extra standard deduction. matched

In 2022, that's at least $1,400 per person. matched

And 2023, it's at least $1,500 per person. matched

So the standard deduction is just getting bigger and bigger. matched

Well, this moves into another area. matched

It has to do with withholding and estimated taxes. matched

You know that there is a rule or rules that say that most taxpayers have to pay about 90% of what they owe by the end of the year or in early January to avoid getting hit with underpayment penalties. matched

You can't just wait until April 15th and then just pay all the tax you owe for the year. matched

Uncle Sam wants money all the way along. matched

And so if people have had windfalls or uneven earnings or something like that, they need to check that withholding and estimated tax payments because the penalty on underpayments is rising a lot. matched

At the beginning of last year, it was 4%. matched

We think that in January, it's going to be 7%. matched

So that's getting to be a pretty serious interest rate on underpayments. matched

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