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Gas prices are increasing rapidly as President Donald Trump's military assault on Iran continues, forcing a potential shutdown of oil production in the region.
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Soaring oil prices suggest that more increases could be in store for American drivers. Diesel, jet fuel, and other refined products are also becoming much more expensive.
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Russia hits Ukraine with drones, missiles, kills at least seven in Kharkiv ReutersRussian strike on apartment building kills at least 8 in Ukraine, including mothers and young children CBS NewsRussia Hits Ukraine With Deadly Barrage of Missiles and Drones The New York TimesTwo children among at least 10 dead in Russian missile strikes in Ukraine Sky News
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Lumentum and Coherent have market caps of more than $40 billion, well above the threshold for S&P 500 inclusion.
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Oil shot to its highest price since 2023 after surging again because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street's worst week since October.
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The professional and business services sector lost 5,000 jobs, including 1,400 in accounting, tax preparation, bookkeeping and payroll services.
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Goldman Sachs warns crude will soar past 2008 peak if action is not taken to reopen Strait of Hormuz
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Institutional clients increasingly want so-called parallel funds that exclude certain assets
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Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that.
What approach is efficient, provides the tax benefits you're after, and also is advantageous for the charity that's on the receiving end?
SEE MORE Ever Dream of Having a Building Named After Yourself?
One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations whether you itemize deductions on your tax return or not. An added bonus is that the benefits can be large for both the donor and the charity.
Here's How QCDs Work
A QCD is a distribution from an IRA that is paid directly from that retirement account to a qualified charity. QCDs lower your adjusted gross income (AGI) and therefore lower your tax bill. They can also offset required minimum distributions (RMDs), those withdrawals you must take from your IRA each year once you reach age 72. An RMD adds to your income, raising the amount of taxes you pay, but a QCD is excluded from your income. So, for example, if you withdrew $50,000 from your IRA as an RMD, you would pay taxes on that money. But if that same $50,000 was used as a QCD instead, you avoid the taxes while helping a charity at the same time.
SEE MORE Every Dollar Counts: How to Evaluate a Nonprofit
Taxpayers can benefit from QCDs even when they take the standard deduction and do not itemize their deductions. Meanwhile, even though a QCD doesn't count as an itemized deduction, tax
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