Accounting Tips For Entrepreneurs

Required Minimum Distributions (RMDs) were placed into law to make taxpayers with income in retirement plans, which they have not yet paid tax on, to start taking this money and pay tax on it. This can increase your income and under the new tax law with it’s higher standard deductions an itemized deduction to a charitable organization may not yield any benefit. This episode explains a way to net your RMD with a charitable deduction!