Los Angeles Wildfire Tax Relief, AI Market Panic, Qualified Charitable Distribution
Episode description
Welcome to the @plannedsolutions Incorporated Podcast. In this episode, we discuss how The IRS has announced several provisions to provide tax relief to those impacted by the Los Angeles wildfire disaster that started on January 7th. The IRS will allow victims an automatic extension of time to file their income tax returns, make certain tax-deductible contributions, and make tax payments that would normally be due in 2025. In addition, some penalty relief is available for those who access retirement funds early.
The release of a China-based AI model called
Ever since the Secure Act created the option for IRA owners to make Qualified Charitable Distributions (QCDs), this option has become more and more popular. Originally, the law allowed an IRA owner to contribute up to $100,000 to charity using QCDs. However, this amount was indexed for inflation, so it increases over time. For 2025, the increased limit for QCDs is $108,000 per taxpayer, per year.
Plus a look at the Planned Solutions Incorporated Office Bulletin Board -
Carter Osborn recently joined the Planned Solutions team. Some may have met Carter when he
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Chase Armer's book- Financial Planning Insights is now available at: https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb
Intro 00:00
Los Angeles Wildfire Tax Relief 01:18
AI Market Panic 09:40
Qualified Charitable Distribution (QCD) Limits
Increase 17:35
Bulletin Board 20:13Planned Solutions, Inc.