Tom Herman
speaker
200 appearances
3 recordings
1 series
first heard Jan 2020
last heard Sep 2022
Tom Herman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Your Year-End Tax Strategies Should Be Underway Now · 28 Sep 2022
podcast
These would include computer equipment or books.
Those may be deductible.
For the 2022 tax year, that is for this year, if you keep good records, the maximum deduction per person is $300.
That's up from $250 for 2021.
And the limit is $600, up from $500 last year, for joint filers, where husbands and wives are filing together.
That's only the case, though, where both spouses are eligible educators, and they can't take more than $300 each.
But not all educators are eligible for this.
You're eligible in most cases if you're a kindergarten through grade 12 teacher or a counselor or a principal or aides, and you have to have worked in a school for at least 900 hours during the school year.
It applies whether you're in public or private schools, but homeschooling costs do not count.
This is the first time these annual limits have gone up in a long time.
Great to see you again, JR.
Thanks.
If your losses are bigger than your gains, you can deduct in most cases up to $3,000 each year against your wages and other ordinary income.
That's why a lot of people go through their portfolio around this time of year and dump losers.
My pleasure, J.R.
Sure.
There is still plenty of time to take action to trim your taxes for this year and also to avoid making some classic year-end tax blunders.
This is one of the tax blunders that is very easy to make, even for sophisticated investors.
This is also an especially timely issue this year because of the stock market's remarkable volatility so far this year.
Here's some background.
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