120 Waterfront Street, Suite 410, National Harbor, MD 20745 | P: 301.567.0706
211 North Union Street, Suite 100, Alexandria, VA 22314 | P: 703.519.1254

Taxes

Don’t Let the Tax Tail Wag the Divorce Dog

by Bonnie A. Sewell, CFP®, CDFA™, AIF®

Check Withholdings ...

by Diana Batchelor

Things to Consider for Your “To Do by December 31st” List

By Carolyn T. Walder

2016 Tax Breaks – Part 3

By Diana J. Batchelor

This third and final blog in the 2016 Tax Breaks series discusses qualified charitable distributions (QCDs) from individual retirement accounts, in which was made permanent in year-end legislation, the Protecting Americans from Tax Hikes Act of 2015. Because the QCD is now permanent, it is important to review the rules.

2016 Tax Breaks – Part 2

By Diana J. Batchelor

To follow our previous blog, 2016 Tax Breaks, about the tax breaks made permanent, this blog discusses the tax breaks that have a time horizon of 2016 or 2017. All of the tax breaks referenced were passed by Congress in late December with the Protecting Americans from Tax Hikes Act of 2015.

2016 Tax Breaks

By Diana J. Batchelor

Now that we are past the 2015 tax season, let’s look at the permanent tax breaks in the Protecting Americans from Tax Hikes Act of 2015 that Congress passed in late December and will be in effect beginning with the 2016 tax year.

Tax Countdown – Deadline Is April 15

By Diana Batchelor

Remember, there is no extra day this year for the “holiday” celebrated in D.C.: tax returns are due on April 15. You may think that you do not have to file a tax return, or file it on time, because of your particular situation.

Tax Season Tips

By Diana Batchelor

The dreaded tax season is upon us, and it is always helpful to have some tips to survive the process on a good note. Lifetime Wealth offers the following tips we have found to help make this season tolerable.

  • Start early – go through your checkbook, credit card receipts, and email to find the necessary documentation for the charitable donations and any deductible expenses that you made in 2014.
  • Call now – if you use a tax preparer, call now to schedule a date in February or March when you expect to have all of your documents in order.

Counting on a Change in the QCD Provision?

By Diana Batchelor

Your first question may be: What is a QCD? A Qualified Charitable Donation allows one to donate a part of his or her required minimum distribution (RMD) from their IRA directly to a qualified charity. Remember, the RMD is the amount you must distribute from your IRA at age 70½. The maximum allowable amount of a QCD is the total of your RMD or $100,000, whichever is less. If you are not required to take an RMD, then you cannot take advantage of a QCD. The QCD option is great for clients who are charitably inclined, as the QCD portion of their RMD will not be considered a taxable distribution. Previously, the QCD provision was approved by Congress annually. This past summer, the House Ways and Means Committee has passed a proposal (H.R. 416) to amend the tax code to make charitable contributions from IRAs tax-deductible, not subject to annual approval. The Permanent IRA Charitable Contribution Act of 2014 is currently on the calendar to be considered by the House for approval.  

Syndicate content
Website Design For Financial Services Professionals | Copyright 2018 AdvisorWebsites.com. All rights reserved