03/03/2026
We are back with the quiz series. Read below 👇
• RMD (Required Minimum Distribution): The “Tax Alarm.” The minimum amount you must withdraw from retirement accounts annually once you hit a certain age.
• SALT (State and Local Tax): The “Tax Shield.” OBBBA actually raised this deduction cap to $40,000 for many taxpayers, providing a much bigger break on state/local taxes.
• CTR (Currency Transaction Report): The “Cash Flag.” A mandatory report filed by banks for any cash transaction over $10,000.
• SAR (Suspicious Activity Report): The “Red Flag.” Filed by banks when a transaction looks sketchy, like trying to dodge the $10k reporting limit.
• OBBBA (One Big Beautiful Bill Act): The “Trump Tax Overhaul.” A landmark 2025 law that made 2017 tax cuts permanent and introduced new deductions for tips, overtime, and auto loans.
