article thumbnail

Ten Tax Planning Tips for 2022

Money Talk

Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).

Taxes 263
article thumbnail

Tax Planning Tools and Techniques

Money Talk

I recently attended a NY Public Library webinar about tax planning and below is a summary: Standard Deduction - 2023 saw the largest ever automatic adjustment to standard deductions since indexing was introduced in the 1980s. A larger standard deduction means that taxpayers can shelter more income from income taxes.

Taxes 189
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Financial and Lifestyle Insights- Part 3

Money Talk

In this post, I continue my discussion of tips from webinars, podcasts, and virtual conferences that I heard during the last quarter of 2021. Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., high income years) to exceed the standard deduction and benefit from itemizing.

article thumbnail

Things to Learn From a Tax Return

Money Talk

I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., The advice also applies to taxpayers themselves. medical expenses and write-offs for college savings plan contributions).

Taxes 176
article thumbnail

Basics of Tax-Efficient Investing

Money Talk

Below are six tax-saving ideas gleaned from recent webinars and research for my book: Look Toward the Future - Absent new tax legislation, the Tax Cuts and Jobs Act is scheduled to sunset after 2025, tax rules will return to what they were in 2017, and tax rates will be higher than they are right now.

Taxes 189
article thumbnail

Practical Inflation-Fighting Strategies

Money Talk

Earlier this year, I taught a class and a webinar about inflation where I presented dozens of ways to mitigate the effects of rising prices through reduced spending. Inflation is down significantly from 2022 but still remains elevated. Insurance Play “what if?” (e.g.,

Food 201
article thumbnail

Individual Retirement Accounts: What You Need to Know

Money Talk

One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees).

401(k) 185