Year-End Tax Saving Tip: IRAs & Losses

Simply put, an IRA is a type of investment account with tax benefits that can help you save for retirement. You can use these accounts to help pay less in taxes today, and instead, defer those payments until you retire.

Today’s tip is about IRAs and Losses.

First of all, what is an IRA account?

Simply put, an IRA is a type of investment account with tax benefits that can help you save for retirement. You can use these accounts to help pay less in taxes today, and instead, defer those payments until you retire.

There are two basic types of IRAs available to individuals, and one key difference is what kind of tax benefit each gives you.

November/December is a great time to reach out to your accountant to discuss your options, especially if you have a loss or low income this year. It could save you a considerable amount this year in taxes.

This isn’t something that I would recommend doing yourself. Be sure to reach out to your accountant or financial advisor to help you handle this correctly and maximize your savings this tax season.