A really neat thing happens when you turn 70 and ½. Your IRAs essentially turn into donor advised funds if you don’t need all the money in them to make ends meet. Rather than withdraw money from your IRA to make charitable contributions, you can make them out of the IRA. So instead of an itemized deduction, you get an exclusion from adjusted gross income. For some people this might be a wash, but for most it probably isn’t. Besides the possibility of not being over the standard deduction threshold, there are a host of computations and thresholds that involve AGI. There are some things you need to watch out for, but first let’s go over the basics.
What Do You Ask Indie Game Developers at Tax Interviews?
Rachel Presser
When you take on a new client, the tax interview is one of the most crucial elements of ensuring that their tax documents are prepared correctly. Both individual and business clients should provide you with a road map for their current tax situation, what they expect it to look like in the near future, and how your tax planning and preparation skills will help them with their business or financial goals. To focus specifically on business clients, questionnaires that the client fills out beforehand can efficiently cut down on facetime. This allows you more time to ask focused questions and learn about your client’s business needs and environment. But if your client is a game developer, specifically an indie game developer, there’s some nuanced questions you should ask in person or as an addendum to your questionnaire after you’ve read about the basics of doing business with game developers.
