The end of tax season is winding down. If last-minute people want to save tax dollars on IRA retirement accounts, you’re in luck. The U.S. Money Reserve, an Austin, TX establishment, helps customers retain funds while saving for retirement, and a self-directed IRA is wise for financial diversity.
From contributing more money to including the spouse, our experts are sharing the knowledge with our customers, leading them toward a less stressful tax season. Incorporate our suggestions into your tax return.
Open an IRA Account
Before the deadline, open a traditional, self-directed IRA retirement account. The IRA account provides a tax deduction on returns and it doesn’t tax income in the IRA account until withdrawals occur.
It doesn’t count when people open the account during extension deadlines. The “self-directed” part comes from adding more than money in the account.
Account holders can add stocks, bonds, shares, and precious metal to the retirement account. An alternative IRA account to consider is spousal IRA. It lowers taxes owed and increases savings. Learn more about US Money Reserve: http://www.bizjournals.com/prnewswire/press_releases/2016/07/11/DA44330 and http://www.builtinaustin.com/company/us-money-reserve
The difference between spousal and traditional IRA accounts is spousal requires one person in the relationship to accumulate income.
Spread contributions across multiple retirement accounts to cement retirement dreams. Contributions have limitations based on age. Deposits for people under 50 have a maximum contribution of 5,500. After 50, deposits increase to $6,500.
All deposits contribute to the tax bracket, increasing savings. In addition, specify where each deposit goes. The default is the current year (2018). If contributions are for 2017, inform the teller.
While stores are tempting tax refund recipients to spend tax refunds here, do something meaningful and deposit tax refunds to an IRA account. Make the move after claiming the IRA account on the tax return. Read more: US Money Reserve | Twitter and US Money Reserve – Blog
Similarly, use a saver’s credit (if eligible) along with claiming the IRA account for more savings. A saver’s credit is between 10-50% of deposits made to a retirement plan, including IRA contributions. The amount is $2000 or less for singles and $4000 or less for married couples.
If you’re procrastinating, lean on the U.S. Money Reserve for guidance toward IRA retirement tax savings. The U.S. Reserve is a pioneer in American and foreign gold, silver, and metal products. We offer a Precious Metals IRA kit to get novices started on self-directed IRAs.
Customer service professionals, numismatics, coin research, shipping, inventory, financial and economic experts, and specialized staff can answer any questions or concerns. Let the U.S. Money Reserve guide you toward a financially secure life.