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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Appearances
And then these new numbers will affect paychecks during 2023 and show up on returns in early 2024.
Yeah, the standard deduction is the amount that you can basically subtract from your income before you calculate your tax bill.
And it's the amount that everyone can get.
It doesn't matter whether you have a mortgage, whether you donate to charity, whether you pay state and local taxes, any of that.
This is the standard deduction.
It's jumping up about 7% for a married couple.
That's going from $25,900 to $27,700.
So that will shield more earnings from the income tax.
for, you know, the 85, 90% of people who are using that standard deduction.
So the standard deduction will go up by 7%.
That sounds like a lot.
It is, but that's because inflation has been high.
That number and a lot of the other numbers in the tax code are tied to inflation.
So it's high relative to history because inflation has been high relative to history.
And so the idea is to not have people have their taxes go up solely because of inflation.
One is if you have a flexible spending account for health care, the maximum amount you can put away in that for next year will go up from $2850 to $3050.
So you'll see it there.
It also affects estate and gift taxes.
So the estate tax per person exclusion, the amount that you can have in your estate and not pay any estate tax when you die,
We'll go from a little over $12 million to a little under $13 million.
Showing 101–120 of 1,496 · page 6 of 75
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