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Stay informed with the latest updates on tax strategy, accounting compliance, and financial best practices from the Clarity Tax Group team.
In 2025, the Required Minimum Distribution (RMD) age is 73, and the penalty for missing the December 31 deadline has been reduced to 25% of the unwithdrawn amount (down to 10% if corrected within two years). To calculate your 2025 withdrawal, divide your account balance as of December 31, 2024, by the updated IRS Uniform Lifetime Table factor, which is 26.5 for those turning 73 this year.
Read articleIn 2025, cryptocurrency continues to be taxed as property with short-term gains at 10%–37% and long-term gains at 0%–20%, though the introduction of Form 1099-DA and a proposed $300 de minimis exemption for small personal transactions may soon simplify reporting and reduce the tax burden for everyday users.
Read articleIn 2025, you pay federal crypto tax by reporting capital gains on Form 8949 and Schedule D, or ordinary income on Schedule 1 (for rewards/mining), and submitting payment via the IRS online portal, EFTPS, or mail.
Read articleIn 2025, cryptocurrency taxes are due annually by April 15, 2026, with quarterly estimated payments for miners and high-volume traders required on April 15, June 16, September 15, and January 15, 2026.
Read articleIn 2025, cryptocurrency continues to be taxed under the landmark IRS Notice 2014-21, which first classified digital assets as property subject to capital gains (0%–20% long-term; 10%–37% short-term) and ordinary income rules. For the 2025 tax year, the IRS has introduced Form 1099-DA, requiring brokers to report your gross proceeds directly to the government, while also implementing a mandatory wallet-by-wallet method for tracking your cost basis.
Read articleIn 2025, cryptocurrency is taxed as property where short-term gains (held ≤1 year) are taxed at ordinary rates (10%–37%) and long-term gains (held >1 year) at reduced rates (0%–20%), allowing you to offset unlimited gains plus $3,000 of ordinary income with realized losses.
Read articleTo report cryptocurrency in 2025, you must answer the mandatory digital asset question on Form 1040, list individual sales or trades on Form 8949 to be summarized on Schedule D, and report any income from mining, staking, or wages as ordinary income on Schedule 1 or Schedule C.
Read articleIn 2025, you can gift up to $19,000 in cryptocurrency per recipient tax-free, with larger gifts requiring Form 709 to apply against a permanent $13.99 million lifetime exemption.
Read articleIn 2025, cryptocurrency is taxed as property, requiring investors to report all trades and earns on Form 8949 while shifting to a mandatory wallet-by-wallet cost-basis method.
Read articleUnder the SECURE Act 2.0, the mandatory age to start Required Minimum Distributions (RMDs) is now 73 for those born between 1951 and 1959, and will increase to 75 in 2033 for those born in 1960 or later. For 2025, if you have reached age 73, you must withdraw a specific amount based on your Dec 31, 2024, account balance and the IRS life expectancy factor to avoid a 25% penalty.
Read articleIn 2025, the U.S. progressive tax system features seven rates ranging from 10% to 37%, with the standard deduction significantly increased to $15,750 for singles and $31,500 for married couples following the One Big Beautiful Bill Act.
Read articleUnder SECURE Act 2.0, the starting age for Required Minimum Distributions (RMDs) is now 73 for those born between 1951 and 1959. To calculate your 2025 RMD, divide your total IRA balance (as of Dec 31, 2024) by the IRS life expectancy factor. Failure to withdraw by the Dec 31 deadline results in a 25% penalty (reduced to 10% if corrected quickly). While Roth IRAs have no RMDs, Traditional and Inherited IRAs are subject to strict annual withdrawal rules.
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