Interest rates decrease for the first quarter of 2025 

The IRS announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Read on for a complete list of the new rates. 

Eligible IRA owners can deduct up to $105,000 in charitable donations for TY 2024 

IRA owners age 70½ and older can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. That’s up from $100,000 in past years.