As the year wraps up and everyone’s busy before New Year’s Eve, the IRS has one more reminder for those with retirement accounts: Required Minimum Distributions (RMDs). If you’re age 73 or older (or turning 73 this year), most tax-deferred retirement accounts — traditional IRAs, 401(k)s, 403(b)s, etc. — require you to take a minimum
The IRS has been putting more focus on partnerships in recent times. Back in June 2024, the IRS released a statement were the Agency would put more focus on "high-income compliance issues" and "... to combat abusive partnership transactions" which mainly related to basis shifting transactions. Then, the IRS targeted specifically three groups: " Transfer
One of the best advice is to contribute to your private retirement as the contribution is a tax deduction (lower taxable income in your w2) and then, it will be taxed at the distribution time in the case of traditional retirement plans. This is extremely relevant as social security payments are expected to be partial
