Individual Retirement Accounts – Inherited IRAs
Taxpayers generally must begin withdrawing money from their IRAs or retirement accounts upon reaching age 70 1/2. The Required Minimum Distributions (RMD) is the minimum amount that must be withdrawn each year. Find out more about how this is calculated as well as other rules specific to Inherited IRAs by clicking on “Download Article” button.
Death of a Taxpayer
When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative. Learn More by clicking on the “Download Article” button below.
Estate Tax Form – 706
At death, all property of the decedent is included in teh gross estate for estate tax purposes. Taxable gifts made after 1976 are added to the total. The estate is allowed some specific deductions. Learn More by clicking on the “Download Article” button below.
Gift Tax for Tax Year 2017
There is no dollar limit on the amount that one person is allowed to give another. Gift Tax rules do not prohibit a donor from making gifts in excess of the annual exclusion ($14,000 for 2017). However, if more than the annual exclusion is given to any one recipient, the amount over the annual exclusion is considered a “Taxable Gift”. Learn more by clicking on the “Download Article” button below.
Charitable Contributions and Your Taxes
/in Charitable Contributions /by Cliff BrayCharitable Contribution Guide for 2017
Qualified charitable organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals. Find out more about what qualifies and doesn’t qualify by clicking on “Download Article” button.
Charitable Cash Donation Tracker
Check out our Charitable Cash Donation Tracker and Guidelines by clicking on the “Download Article” button below.
Charitable Noncash FMV Guide
FMV – stands for Fair Market Value; This guide will help you determine what is an acceptable valuation for donated items. Check out the 2017 FMV Guide by clicking on the “Download Article” button below.
Inherited IRAs, Death of a Taxpayer, Estate and Gift Taxes
/in Gift Taxes /by Cliff BrayIndividual Retirement Accounts – Inherited IRAs
Taxpayers generally must begin withdrawing money from their IRAs or retirement accounts upon reaching age 70 1/2. The Required Minimum Distributions (RMD) is the minimum amount that must be withdrawn each year. Find out more about how this is calculated as well as other rules specific to Inherited IRAs by clicking on “Download Article” button.
Death of a Taxpayer
When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative. Learn More by clicking on the “Download Article” button below.
Estate Tax Form – 706
At death, all property of the decedent is included in teh gross estate for estate tax purposes. Taxable gifts made after 1976 are added to the total. The estate is allowed some specific deductions. Learn More by clicking on the “Download Article” button below.
Gift Tax for Tax Year 2017
There is no dollar limit on the amount that one person is allowed to give another. Gift Tax rules do not prohibit a donor from making gifts in excess of the annual exclusion ($14,000 for 2017). However, if more than the annual exclusion is given to any one recipient, the amount over the annual exclusion is considered a “Taxable Gift”. Learn more by clicking on the “Download Article” button below.
New Website
/in General /by Cliff BrayWelcome to our new website