Each year the IRS reminds owners of traditional IRAs who are over 70-1/2 that they may make a charitable gift from these funds. This type of gift/donation is known as a qualified charitable distribution (QCD). For those age 73 and over the QCD may fulfill part or all of your required minimum distribution (RMD) for […]
Author Archive for joyce
ATTENTION: GRANDPARENTS AND PARENTS
Education savings plans have always been a great way to provide for future education expenses. NOW (starting in 2024) the balance of the Ohio 529 Plan will NOT count towards education assistance. The FAFSA form per student has been revamped and the above information is not addressed or reported. Grandparent-owned 529 accounts will not affect […]
TAX UPDATES FOR 2024
I hope you had an eventful/pleasant summer. The year is coming to a close FAST. For those that pay estimated taxes the third payment is due within days. If you operate a small business this is the time to review your INCOME AND EXPENSES for the last eight months. Is the results in line with […]
OHIO HOMEOWNERSHIP SAVINGS ACCOUNT
Beginning January 2024 OHIO is going to help(including recent graduates who have DREAMS of purchasing a home in the future) Ohio residents save for a down payment and/or closing costs at premium interest rates paid by Ohio financial institutions.These accounts when opened by the individual will be administered similar to Ohio’s 529 plans for education […]