On April 17, 2018, the tax deadline for contributing to an IRA will close. There is still time to reduce your tax debt and enhance your tax situation.
There are last-minute things that you can do to contribute to Self-Directed IRA which could potentially diminish your tax burden and enhance your plans for retirement. Here is a compilation of some things you can do to help with your IRA retirement plans. Learn more about US Money Reserve: https://www.usmoneyreserve.com/blog/ and https://www.usmoneyreserve.com/why-buy-gold/
Before the tax filing deadline date, open an IRA account. Be aware that not all IRA retirement accounts will allow you to diminish your tax debt by diminishing your tax or income bracket. Opening a Traditional IRA account before April 17, 2018, tax filing deadline could allow you to qualify for your contributions to apply (without getting an extension.)
It is advisable to think about opening many accounts for retirement. There are limits for some of these retirement accounts, but you are not limited by the IRS to having only one kind of account. These accounts will help you to safeguard your retirement goals. Read more: US Money Reserve | Crunchbase and US Money Reserve | Bizjournals
Depending on how old you are, you can add up to 5,500 or 6,500 dollars to your IRA account. For those who are 50 years old or younger, the maximum amount you can contribute to your IRA is up to 6,500 dollars. Even though you can only contribute up to 6,500 dollars, do not allow that to deter you from saving, even if the maximum contribution has not been reached.
– According to U.S. News & World Report, if someone who is working and is in the 25% tax income bracket, hits their limit with their IRA, they could cut down their tax bill by 1,375 dollars. Their tax bill could be reduced by 125 dollars if a 500-dollars contribution was made.
In what way would you line the contribution to your IRA account to be applied?
The best way for your IRA contribution to be made is to observe the calendar and determine the tax-year you would like the contribution to your IRA, to be applied.
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