Richard Rubin

speaker

1,496 appearances 29 recordings 1 series first heard Oct 2017 last heard Jan 2024

Richard Rubin’s voice in public audio — every appearance, attributed to the second.

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Will they pause accepting returns?

Will they extend the filing deadline?

We know none of that right now.

So what I would encourage people to do is kind of keep an eye out for what the IRS says after this becomes law.

Like after you see President Biden sign it, wait a day or two and then see what the IRS is saying.

And that's going to give hopefully some clarity about what people should do.

Yeah, this is already a messy year.

As you and I have talked about before, the tax filing season is really a reflection of what happened the year before.

The year before was 2020 and it was a giant mess.

There was new tax breaks and people leaving work and remote work and all the things we've talked about before that make this tax season messy.

And then you add this on top of it.

It's just a complication.

It doesn't mean people can't handle it.

It doesn't mean that if they make the deadline April 15th, then people will...

deal with it or file for extensions, but there's certainly a lot of frustration out there in the accounting world.

So in aggregate, it's about $25 billion, which is a lot.

That's going to be spread over the whole population of people who got unemployment benefits, which is about $40 million.

For some people, it's not going to mean all that much.

If you weren't paying income taxes already, then taking $10,200 out of your taxable income isn't really going to change anything.

But for people who are a little higher up the income scale, say you're in the 12% bracket, $10,000, you're going to save more than $1,000.

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