4 Tax and Financial Planning Tips: AICPA Article

Thanks to the AICPA (American Institute of Certified Public Accountants) for interviewing our own Phil Mitchell on tips for taxes and financial planning. At Kroon & Mitchell we take an integrated approach to tax and investments. We believe a good investment strategy should always start with your taxes.


Phillip Mitchell, CPA, on the required minimum distribution (RMD): The CARES Act suspended RMDs for 2020 while the SECURE Act changed the beginning age to 72 years old from 70.5 years old. If an RMD was made earlier in the year, the taxpayer had until Aug. 31 to reverse the distribution. Even though the RMD is not required for the 2020 tax year, qualified charitable contributions from an IRA will allow those who do not itemize deductions to have an elevated benefit versus writing a check from their savings account.


Read the full article on the AICPA website found HERE.

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