The IRS mandates that IRA account owners begin taking required minimum distributions (RMDs) at age 73. The account owner will be taxed at their income tax rate on the amount of the RMD.

However, a qualified charitable distribution (QCD), also referred to as a charitable IRA rollover, may provide an excellent tax strategy that can minimize your taxes, while maximizing your charitable impact. QCDs can also be made from inherited IRAs, as well as inactive SEP IRA plans and inactive SIMPLE IRA plans….

Form 1099-DA for Digital Asset Regulations Finalized and IRS Audits….

If you thought reaching the threshold for 7.5% of your adjusted gross income to claim medical expenses was out of reach, think again. There may be items that qualify as unreimbursed medical expenses that you weren’t aware of, which could allow you to itemize and claim this deduction. This newsletter will provide an overview of what is considered a qualified medical expense, as well as the tax implications for elder care medical expenses....

Read for updates on electric vehicles, reporting changes for small businesses, nonpayment penalties, and 2024 retirement plan limits....

If you are caring for an aging parent, there may be some eligible medical expenses that can be claimed on either your or your parent’s tax return. To claim this deduction, expenses must exceed the 7.5% threshold of adjusted gross income for either you or your parent. If you’ve paid for some of your parent’s medical expenses, these can also be combined with your medical expenses...