Defer your income by delaying distributions from IRAs

Sometimes it’s OK to delay the inevitable. Generally, once you reach age 70½ or if you inherit someone else’s IRA or qualified retirement plan account, there are strict rules that require you to begin taking Required Minimum Distributions (RMDs) from the account. However, there are various ways to delay or defer the RMDs, thereby allowing […]

Foreign bank account reporting deadline approaches

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank […]