Mind These Tax Changes to Stay Ahead in Next Year’s Tax Season
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What is the main topic discussed in this episode?
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Here's your money briefing for Friday, April 1st. I'm J.R.
What should I know about tax changes that will affect 2023 filing?
Whelan for The Wall Street Journal. All this week, we've been taking a look at some of the biggest tax stories you might face when filling out your returns this year. Today, we conclude tax week with a look ahead to when you do your taxes next year. A big part of preparing for 2023 is understanding new policies and situations that kick in in 2022.
While people are doing their taxes now, they may see tax breaks that they may not see next year.
Coming up, we'll talk with CPA and IRS expert Ed Slott about those changes and how you can prepare for next year's tax bill now. That's after the break.
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Which life events trigger new tax obligations next year?
Once you've filled out all your tax returns, it's always a relief to get everything e-filed and sent off to the IRS. But next year's tax season is never that far behind, and understanding how new tax situations this year could affect your return next year could put you ahead of the game. So what changes should you watch out for? Here to discuss is CPA and IRS expert Ed Slott. Ed, thank you so much for being with us on the show. Hey, great to be back with you. So, Ed, what are the trends you're seeing in terms of changes going into effect, and what is the driving force behind it?
Well, there aren't as many changes as you usually see in tax law. The biggest changes that most people don't think of are within themselves. Your own life events hitting a certain age. Death, somebody inheriting that has new tax obligations they didn't think of. Somebody hitting age 72, and now they're subject to required minimum distributions. Or somebody hitting age 65 and starting on Medicare and realizing, oh, Medicare, Irma charges. Who is that? Who is Irma? No, these are charges that come out of your parts, depending on your income, your parts B and D as surcharges. So you had a new child, you know, a divorce. The biggest changes are changes in your own life.
All right, so with that in mind, let's talk about some tax scenarios that people can plan for.
Which temporary charitable deductions are ending and what replaces them?
I want to go through a few tax situations that people might want to keep in mind as they plan for doing next year's taxes or even help them manage funds to pay their tax bill. Are there certain benefits that are going away?
people are doing their taxes now, they may see tax breaks that they may not see next year. So it might behoove you to take that into account. I'll give you one that's almost a gimme, which is not there anymore for people who don't itemize. And remember, For a few years now, most people don't itemize because of the change in the tax law a few years ago where most people are taking a standard deduction because it's much higher. So a few years ago, the government instituted or Congress instituted a special deduction for charity for people who don't itemize. It's $300 or $600 this year if you're married joint. That goes away next year. That was only through 2021. Another break you won't see for people that give a lot of money to charity, and they used to be able to deduct 100% of their cash gifts, 100% of their adjusted gross income.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–0:38
2
What should I know about tax changes that will affect 2023 filing?
0:38–1:51
3
Which life events trigger new tax obligations next year?
1:51–3:14
4
Which temporary charitable deductions are ending and what replaces them?
3:14–5:37
5
How do inflation and cost‑of‑living adjustments change standard deductions?
5:37–7:55
6
When does mortgage interest make itemizing worthwhile after forbearance?
7:55–9:40
7
How will wage growth and inflation affect retirement contributions?
9:40–11:03
Speakers
3 identifiedMore from WSJ Your Money Briefing
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