If you’re age 70½ or older and have more IRA money than you need, it may be time to think beyond your portfolio and start thinking philanthropically. Required minimum distributions (RMDs) begin at age 73, and if you’re not strategic, they could inflate your taxable income, trigger higher Medicare premiums, or impact your Social Security benefits.
With some intentional planning, your IRA can become a powerful tool for giving. Here are three smart strategies to consider:
1. Make a Qualified Charitable Distribution (QCD) During Your Lifetime
April 23, 2025 | Tax Planning
If you’re age 70½ or older and have more IRA money than you need, it may be time to think beyond your portfolio and start thinking philanthropically. Required minimum ...
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March 26, 2025 | Tax Planning
When your tax strategy runs out of steam, it’s time for a smarter, longer-term solution. When Tax Strategies Stall Over the last decade, direct indexing has become a go-to strategy for building wealth in a tax-efficient way—harvesting losses to offset gains while mirroring a broad market index. ...
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March 12, 2025 | Tax Planning
Tax season is in full swing, and with it comes the moment of truth: Are your withholdings hitting the mark? Whether you’re hoping for a refund or bracing for a bill, there’s ...
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March 5, 2025 | Tax Planning
For many long-time business owners who have sold their businesses, understanding the tax implications of the transaction is crucial. One key consideration is the Net ...
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February 19, 2025 | Tax Planning
On February 13, 2025, U.S. Senators Kevin Cramer (R-ND) and John Thune (R-SD) introduced the Death Tax Repeal Act, a bill aimed at permanently eliminating ...
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February 3, 2025 | Tax Planning
Tax Preparation Tips Organizing your documents ahead of tax season can save time and ensure you don’t miss out on potential deductions. Be sure to ...
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January 22, 2025 | Tax Planning
Tax season can feel overwhelming, but careful preparation can make filing easier and help you save money. Here’s a summary of important updates, tips, and ...
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October 28, 2024 | Tax Planning
As we approach 2025, it’s crucial to be aware of the upcoming changes in tax brackets. Every year, the IRS adjusts tax brackets to account ...
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September 23, 2024 | Tax Planning
Most people are very proud of their wealth. And why shouldn’t you be? You’ve worked your entire life to build your investment accounts and often ...
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September 4, 2024 | Tax, Consulting & Accounting Services
America is a country on the move. Each year, around 10% of the U.S. population changes homes. And of those, while 85% stay in state, ...
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