New IRA RMD Rules, Surprise Capital Gains Taxes? 2024 State Sales Tax Holidays

Some States Are Canceling Sales Tax Holidays | New Rules End Inherited IRA Confusion: What to Know | Audit Reveals IRS Employees Owe $50M in Unpaid Taxes Created for {EMAIL} | [Web Version]( August 11, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Back-to-School Savings [] [Some States Are Canceling Sales Tax Holidays]( [Some States Are Canceling Sales Tax Holidays]( (Getty Images) As the back-to-school season kicks off, many families are preparing for shopping. According to the National Retail Federation, the average household is expected to spend around $890 on school supplies this year. Fortunately, 17 states have sales tax holidays to help you save on essentials. But what if your state doesn’t offer this tax relief? We’re sharing insights on the pros and cons of tax-free days and revealing other ways to stretch your budget and potentially save on taxes. [This information might help you navigate back-to-school shopping — whether or not your state offers a sales tax holiday](. [] Retirement Accounts [] [New Rules End Inherited IRA Confusion: What to Know]( [New Rules End Inherited IRA Confusion: What to Know]( (Getty Images) Have you heard about the recent IRS announcement of the final rules regarding inherited IRAs that become effective next year? This new guidance answers a major question about the 10-year rule that has puzzled beneficiaries and advisors since the SECURE Act was introduced. Are non-spouse beneficiaries required to take annual minimum distributions during the 10 years or can they wait? [Read on for an explanation of the new rule changes and how they can affect your retirement and estate planning strategies](. [Unlock $51B in Tax Deferrals with 1031 Exchanges]( Maximize returns with a strategy that secured $51 billion in tax deferrals (2019-2023). Use 1031 exchanges to reinvest without immediate taxes. A $1M property could save about $318,000 in taxes. Discover tax advantages with CRE Income Fund. [LEARN MORE]( ADVERTISEMENT [] In the News [] [Audit Reveals IRS Employees Owe $50M in Unpaid Taxes]( [Audit Reveals IRS Employees Owe $50M in Unpaid Taxes]( (Getty Images) The IRS has been increasing its efforts to crack down on tax cheats this year, but a recent oversight report reveals an eyebrow-raising issue: some of its employees aren’t playing by the tax rules. While 96% of IRS staff paid their taxes, thousands still owe about $50 million. This raises questions about accountability, especially as the agency pushes to enforce tax compliance and restore fairness in the U.S. tax system. [Curious about what this means for taxpayers like you](? 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[Read More]( [How to Possibly IncreaseYour Returns in Utility Sector]( Seeking resilient investments? Consider the smart grid evolution. Explore sectors like renewable energy and AI for potential growth. [READ MORE]( ADVERTISEMENT [] In Case You Missed It [] [Are Election Campaign Donations Tax Deductible?]( As the presidential election season heats up, political campaigns are seeing a flood of donations. It's not surprising that many enthusiastic donors wonder if these contributions can help reduce their tax bills. So, in case you missed it, this piece explains IRS rules regarding political donations, including limits on how much you can donate and the tax treatment differences between political and charitable contributions. [Read More]( [This Billion Dollar Startup Wants to Help You Retire]( This Princeton grad's startup raised $161 million to help people plan for retirement. 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