Last minute Tax Tips

Here are some quick last minute IRA and general tax tips:

•       It’s not too late to get 2012 Tax Returns- If you fund your account by April 15, you can make a retroactive 2012 IRA contribution.

•       Open a New IRA- All contributions are tax-deductable, depending on one’s income, and are available to anyone with no income restriction. Using a Traditional IRA may help lower one’s tax bracket during working years, resulting in lower tax brackets in money withdrawals during retirement years.

•       Money, Money, Money with Roth IRA- Consumers and business owners can withdraw money tax-free at any time. Singles with incomes below $107,000 and married couples with incomes below $169,000 qualify for a Roth IRA.

•       Pay yourself first- Don’t let the government make interest off your money! Paying yourself first allows money to be automatically deposited into one’s retirement fund on a regular basis and increases monthly cash flow.

•       Biz Owners Buy a Car- Business owners can get a bonus depreciation write off for more deductions if purchasing a vehicle in 2013.

•       20% of Income off the Top of Your Taxes- Also, those who are self-employed can use 20% of their company’s net income to max out their retirement plan before April 15th.