- RMDs and IRA-to-Charity Distribution Provisions
- Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are referred to as a required minimum distribution or RMD. The RMD amount is the value of the IRA account on the last day of the prior year divided by the distribution period from the Uniform Lifetime Table, corresponding to the taxpayer’s attained age. For example, if an individual had their 75th birthday in the current year, the distribution period from the table is 24.6. If the balance in the IRA was $500,000 on the last day of the prior year, then the individual’s RMD for the current year would be $20,325 ($500,000/24.6). (The IRS develops the Table using mortality rate data and updated it effective with 2022 distributions.)
- What Do You Do If the IRS Wants to “Audit” Your Tax Return?
- The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing.
- Video Tips: A Quick Look at the Work Opportunity Tax Credit
- The Work Opportunity Tax Credit is just one of the many tools available to help businesses find qualified candidates and reduce turnover.
- Sun Setting on Home Solar Power Tax Credits
- If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be available after 2023.
- Cutting the IRS Out of Your Gifts
- If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware of. Oh yes, the government even taxes gifts if they are large enough, so it is best to know the rules; otherwise, you may end up making a gift of taxes to the IRS.
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