US Money Reserve: IRA Tips for Tax Season

The window for IRA contributions will not close until the end of this year’s deadline for filing tax which is supposed to be April 17, 2018. This implies that you still have an opportunity to improve your tax status and save on tax bill. There are many people who have already taken advantage of this and saved a lot of money in the process. Learn more about US Money Reserve: http://epodcastnetwork.com/u-s-money-reserve/ and http://www.manta.com/c/mml8pv9/u-s-money-reserve-in

The following is a quick list of tips that can help reduce your tax liability your retirement plans. It also shows how making contributions to the right self-directed IRA are important to the entire process.

Ensure you open an IRA before the tax filing deadline

It is important to note that not all retirement accounts assist in reducing your tax liability by reducing the tax bracket. However, having a traditional IRA could help you solve that problem and it would be the best thing to do before the deadline for filing returns collapses on April 17th this year.

Contribute to several retirement accounts

The good thing about IRA is that it doesn’t limit anyone from holding more than one retirement account. As a result, you can take advantage of that to run several parallel accounts for your own retirement safety.

Specify how you would want your contributions to be applied

It is always important to keep an eye on the calendar so that you can specify the exact year you would like your contributions to be applied to.

 

For instance, if you want your contributions to be applied for 2017, then you will have to make it clear to your trustee or custodian or else it will automatically be applied as your 2018 contribution. Read more: US Money Reserve | Bizjournals and US Money Researve | Instagram

Consider a spousal IRA

Making contributions for a non-working spouse can be a great way of saving more and lowering your tax bill. Note that one spouse must be employed in order to contribute to a spousal IRA.

Ask if you need more time to file your returns

If you know that you have several things to put in order before filing, it would be advisable to request a tax-filing extension and avoid the late filing penalty.

About US Money Reserve

US Reserve is the largest precious metals dealer in the United States. The company was started in 2001 and has its headquarters in Austin, Texas. It also has offices in several parts of the country. US Money Reserve currently has over 400,000 clients across the U.S.

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