Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Biz Owners: Master Your Taxes with Smart RMD Planning.

Name: Painting Biz Owners: Master Your Taxes with Smart RMD Planning.
Uploaded: 2024-12-31T14:15:01+00:00
Duration: 33 s
Channel: Daniel Honan
Description: In this brief video, the speaker explains the required minimum distribution (RMD) rules that apply once a retiree reaches age 70 and has retirement…

31 Dec 2024 · 1 min

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In this brief video, the speaker explains the required minimum distribution (RMD) rules that apply once a retiree reaches age 70 and has retirement accounts such as a 401(k) or IRA. He emphasizes that RMDs are taxable unless the distribution is directly donated to a charity, which allows the donor to avoid the tax and increase the charitable impact. The key instruction is to transfer the RMD to the charity before the tax is withheld. He invites viewers with questions to join a dedicated Facebook group for further discussion.

Chapters

folks do when they go to retire. If you've got a 401(k), IRA, and you hit 70 years old, you are required to take minimum distributions. You have to pay taxes on those distributions, but not if you donate them to a charity. So just make sure you donate the distributions first. Don't take them, pay the taxes, and then make the donation. Give it to the charity before you pay the taxes on it, and then your donation will be worth that much more. If you've got questions about these, you want to dig deeper on any of them, let us know. Join our Facebook group, ask questions there.