Protect yourself from charity scam

Donating to a charity is a great way to give back, but you should also take simple precautions to protect yourself from potential scams and make sure your donation goes to a worthy cause.

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Not all interest is deductible for taxes

A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities.

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What is a required minimum distribution?

If you turn 72 during the current tax year, you are required to begin taking required minimum distributions (RMDs) from your traditional IRA, 401(k) and SEP IRA accounts. If you became 72 in a prior year, you must withdraw your RMD for this year by December 31. Failing to take a RMD could result in a penalty equal to 50% of the required withdrawal amount.

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