IRA Tax Risks? | 2024 Standard Deduction | How to Avoid Common RMD Mistakes

Holiday Office Party Taxes: Know Before You Go | The IRS Could Lose Another $20 Billion in Funding | Seven Common RMD Mistakes to Avoid Created for {EMAIL} | [Web Version]( December 8, 2024 FOLLOW US:  [LinkedIn]( [Facebook]( [Youtube]( [Tax Tips]( [SIGN UP](format=multipart) ⋅ [WEBSITE]( [] Feature [] [Holiday Office Party Taxes: Know Before You Go]( [Holiday Office Party Taxes: Know Before You Go]( (Getty Images) 'Tis the season for holiday cheer, but could your office party create concern about the IRS? From gift cards to door prizes and Secret Santa, your company’s generosity might lead to unexpected tax liability. So, before you deck the halls at work, let’s unwrap some facts about holiday office party taxes. With this information, you can hopefully better navigate the line between seasonal joy and potential tax headaches. [Don’t let taxable income be the Grinch that spoils your office festivities](. [] In the News [] [The IRS Could Lose Another $20 Billion in Funding]( Should you care that the IRS faces a potential $20 billion funding cut? Maybe. A massive loss of funds from the Inflation Reduction Act (IRA) threatens to undo the agency’s recent progress in tax enforcement and customer service. From longer phone wait times to slowed tax refunds and fewer audits of wealthy individuals and corporations, the potential ripple effects could be significant. Learn more about how a looming budget battle could impact the IRS, your taxes, and the country’s bottom line. [Read More]( [Tax-Efficient Giving with JCF]( Supporting the causes you care about is easy with a Jewish Communal Fund (JCF) donor advised fund. Contribute cash or appreciated securities, and recommend grants to any qualified charity - JCF handles the rest. Open a fund by 12/31 to take advantage of 2024 tax benefits. [LEARN MORE]( ADVERTISEMENT: [] Retirement [] [Seven Common RMD Mistakes to Avoid]( [Seven Common RMD Mistakes to Avoid]( (Getty Images) Required Minimum Distributions (RMDs) can be a minefield of potentially costly errors. And recent changes to the rules governing retirement savings plans, due to the SECURE 2.0 Act, have only added to the confusion. From miscalculating withdrawal amounts to missing crucial deadlines, RMD mistakes can lead to IRS penalties. This article highlights seven common RMD pitfalls that can catch retirees off guard. [Learn how to navigate the RMD maze to keep more of your hard-earned money in retirement](. Featured Content Sponsored Content from Kiplinger Spotlight On Year-End Tax Planning [Final Opportunity: Tax Benefits of Year-End Giving]( Want to maximize your tax savings while supporting causes you care about? Watch Kiplinger's webinar replay for expert advice on year-end charitable giving strategies, including donor-advised funds. [Watch Now]( [Final Opportunity: Tax Benefits of Year-End Giving]( Want to maximize your tax savings while supporting causes you care about? Watch Kiplinger's webinar replay for expert advice on year-end charitable giving strategies, including donor-advised funds. [Watch Now]( [] Tax Planning [] [IRA Tax Bomb?]( Naming your children as beneficiaries of your individual retirement account (IRA) can be a thoughtful choice. However, without proper planning, it may lead to a significant tax burden, resulting in the IRS taking a larger portion of their inheritance than you intended. So, what can you do to help minimize potential tax implications? Read on for tips from Kelsey M. Simasko, Esq., an attorney specializing in elder law and wealth preservation and a contributor to Kiplinger’s Building Wealth series. [Defuse the Bomb]( [You Deserve an Advisor You Can Trust]( You've worked hard for your wealth--now let it work for you with the help of a fiduciary advisor. Zoe Financial connects you with advisors who always put your needs first. Take a 1-minute quiz and discover your top 3 advisor matches. [Find an Advisor Today]( ADVERTISEMENT [] In Case You Missed It [] [The 2024 Standard Deduction]( [The 2024 Standard Deduction]( (Getty Images) Deciding between the standard deduction and itemizing deductions is important for your federal income tax return. The standard deduction is a fixed amount that reduces taxable income, and most taxpayers choose it. But to make the best decision for you, it’s important to know the standard deduction rules and amounts for each tax year and any extra benefits for individuals over 65. So, in case you missed it, here’s our take on the standard deduction for 2024. You’ll use these numbers for the upcoming tax filing season which begins in late January. [7 Mistakes People Make When Choosing a Financial Advisor]( Consulting a financial advisor is a great first step to helping make sure you're on track to meet your retirement goals. But with thousands of advisors in the US, it can seem daunting to choose one. Avoiding these 7 mistakes people make when hiring an advisor could help you potentially save years of stress. [Learn more]( ADVERTISEMENT [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price to subscribe](, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. 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