With tax day just around the corner, the U.S Money Reserve would like to advise taxpayers the following tips in order to maximize their returns and minimize their amount owed to the IRS.
Contributions to both a Traditional or Roth IRA accounts can significantly reduce one’s income tax and it should also be indicated that the IRS does not limit an individual to hold just one type of retirement account. However, this does not mean that your max IRA contribution limit can surpass $5500 annually if you are under the age 50. If you are over the age 50, your maximum contribution surges up to $6,500 annually. Learn more about Daniel Taub: http://spectrumlocalnews.com/tx/austin/news/2017/11/16/us-money-reserve-gives-to-harvey-relief.html and http://www.builtinaustin.com/company/us-money-reserve
An individual should consider opening multiple retirement accounts for the sake of financial security especially when one appears to pay more dividends than the other. A Traditional IRA will help with reducing your tax liability for the current tax year as long as the account is verified and contributed to by the deadline on April 17, 2018.
Specify which tax year you wish your contribution will go to otherwise the funds will be distributed to the current tax year by default. Read more: US Money Reserve | Facebook and US Money Reserve – Blog
Another form of a retirement account is a spousal IRA which enables retirement benefits for a non-working spouse. In order to qualify, one spouse must have proof of earned income and the contribution limits for spousal IRA are the same as both Traditional and Roth IRAs.
In order to be eligible for saver’s credit, you must make contributions to an IRA and must have an income of less than $31,000 as an individual, $46,500 as head of household, or $62,000 as a married couple filing jointly.
The credit can amount to 10 to 50 percent per retirement plan. Lastly, it’s always wise to use your tax refund to fund your IRA once the returns are issued.
U.S Reserve has been in business for over a decade and is one of the United States’ largest private distributors of government-issued gold, silver, and platinum products.
Since 2001, they have been dedicated to serving clients with a highly qualified panel of experts to ensure the best results for one’s investments. They have served more than 400,000 clients in diversifying their assets and maximizing their returns.