Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
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- What Is a Required Minimum Distribution?
- If you turn 72 during the current tax year, you are required to begin taking required minimum distributions (RMDs) from your traditional IRA, 401(k) and SEP IRA accounts. If you became 72 in a prior year, you must withdraw your RMD for this year by December 31. Failing to take a RMD could result in a penalty equal to 50% of the required withdrawal amount.
- Video Tips: Which Kind of Interest Is Tax Deductible?
- When it comes to deducting loan interest on your taxes, being prepared and knowing what to expect can help you get the most out of your tax deductions.
- Portability of Unused Estate Tax Exclusion
- When an individual dies, the value of that individual’s estate is subject to estate taxation, which is currently 40% of the individual’s taxable estate. However, there is a lifetime exclusion (exemption) to the estate tax, which for 2022 is $12.06 million. The lifetime exclusion can also be used to offset taxable gifts – those that exceed the annual gift tax exclusion.
- Will Your Planned Retirement Income Be Enough after Taxes?
- That is an important question because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed.
- Video Tips: Tax Breaks for People with Disabilities
- For people with disabilities and their families, taking advantage of these tax breaks can bring tremendous help. Watch this video to learn more.
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