Freedom Wealth LLC

Feeling lost when it comes to saving for retirement?

Working with young families that want to build toward Financial Freedom is our niche.

Our mission is to make financial advice Personal, Affordable, Accessible, and Client Centered. We combine that with potential Tax Savings & Wealth Building strategies.

https://yourfreedomwealth.com

Community alert.

Wisconsin Department of Revenue is targeting individual income tax returns that include IRA - Qualified Charitable Distributions as a tax deduction.

Wisconsin's approach with this QCD inquiry is "guilty until proven innocent".

Although the QCD is an allowable tax deduction per Wisconsin tax law, Wisconsin is currently sending tax assessments for reversing this tax deduction. Taxpayers are welcome to appeal, but the stress & assumption of being wrong is a concern.

If you are doing IRA QCDs, be alert. Be ready to appeal with documentation.

Attached is a copy of a 10/15 communication that WI Dept of Revenue convey to tax professionals.

https://yourfreedomwealth.com