Guidance Issued on Taxing of State Payments

Many states made special tax refunds or payments related to the pandemic and its associated consequences in 2022. A variety of state programs distributed these payments in 2022 and the rules surrounding their tax treatment are complex. One question was whether income related to these payments was taxable at a federal level. Recently, the IRSRead more about Guidance Issued on Taxing of State Payments[…]

Reducing Taxes with Qualified Charitable Distributions

In most cases, distributions from a traditional Individual Retirement Account (IRA) are taxable in the year you receive them, but there are some exceptions. A qualified charitable distribution (QCD) is one of these exceptions, and this opens up the possibility of using a QCD to reduce your taxes. A QCD is a nontaxable distribution madeRead more about Reducing Taxes with Qualified Charitable Distributions[…]