The CBD Blog

Find peer advice, partner insights, and industry updates – all here in the CBD blog, ‘At The Helm’! With contributions from our entire team, we blog about the things that interest you.

Seniors: Consider These Tax Breaks When Filing for 2016

There are some special tax breaks that can help “experienced” taxpayers reduce their federal income tax bills, including the bill for last year. Here are the details to help you decide if the tax-saving opportunities for itemized medical expenses and catch-up contributions to retirement accounts can work for you and your senior friends and family members.

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Consider Section 179 Deductions for Real Estate Expenses

The Sec. 179 deduction for qualified real property expenses is now a permanent feature of the tax law but that doesn’t necessarily mean it’s right for you. Here are the basic considerations, including which expenses qualify. But beware: There is a potential downside to taking this deduction when it comes time for individual taxpayers to recognize gains from selling the related real property.

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Remember RMDs this Tax Season

If you’re 70 or older, you’re required to take required minimum distributions (RMDs) from your traditional IRA (or IRAs) every year. Here are the requirements including an extended April 1 deadline for taking RMDs for the year you turn 70 as well as details about a tax-free alternative that can satisfy the RMD rules for charitably inclined seniors.

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