end of year tax question/ IRA

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    Last post ago over 4 years by footdr
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    dabigdog

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        dabigdog

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        i am going to pay alot in taxes this year and i have funds available to invest in something if it will help my tax bill....i have heard of IRA's  but really have no idea what investements are all about...any accountants or business owners with ideas would be greatly appreciated
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        jbuijsheeschw

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        You can invest in me anytime!!! NO refunds available..........lol
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        kattboots

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        I am not an expert, but if you don't have an IRA you need to get one... You really don't need to know much, you just need a trustworthy financial company. I have used Ameriprise and they have a very good record on their investments. But you can also do them thru your bank or credit union.

        There are several different kinds of IRA's so you need to find out what those options are and what they will do for you tax-wise. One of the big things is that they can delay when you pay your taxes on that money or they can be done after tax and you won't have to pay tax on them when you are older and use the money.

        There is a cap on how much you can put in every year, but when you first start I believe that you can put in extra for prior years when you did not put money in them. They can put a healthy dent into your taxable income and that seems to be what you want at this time.

        katt
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        dabigdog

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        i am thinking you are correct katt  i am going to research tomorrow online  thanks
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        dabigdog

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        jbuijsheeschw wrote:

        You can invest in me anytime!!! NO refunds available..........lol
        that sounds great, can i just wire you the funds directly??  send me all your personal account information and i will take care of you for sure
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        footdr

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        Unless the IRS rules have changed(you can search IRS site for "ira contribution"); you can invest up to $2000.00/year to your IRA and the contribution is deducted from your pre-tax income. So you don't pay income tax on that $2000.00 and won't owe any tax on the $2000.00 or any earnings on investments made with the $2000.00 until you retire or withdraw funds from your IRA account.

        You need to decide if the amount of tax you save by putting the $2000.00 into an IRA is worth "tying up" the $2000.00.  In other words, if you don't make this investment, you will owe income tax on an addition $2000.00 which depending on your tax bracket could be a small amount(say 20%) or a large amount(say 33%). If you think you will need the money in the near future, you should realize that you will pay a heafty penalty if you withdrawal the $2000.00 before retirement age.  If you think you can do without the cash then investing in an IRA is a good non-taxed investment as the earnings also with not be taxed until you retire and begin making withdrawals from the account.  Also, you need to besure that you invest the money in the correct type of insvestment instrument. Ask the advisor about this.There are certain bonds and the like that should not be bought with IRA funds.

        Not an account but 35 years in business

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