U.S. Money Reserves Inc. has released some tax saving tips. The company has over 500,000 investor customers. The tax tips provide a helpful guide on the topic of contributions made to their IRA accounts in time 2017 tax filing. The potential savings on their tax obligation can be substantial. Learn more about US Money Reserve: http://spectrumlocalnews.com/tx/austin/news/2017/11/16/us-money-reserve-gives-to-harvey-relief.html and https://www.indeed.com/cmp/U.S.-Money-Reserve
They suggest you be certain to contribute to your IRA account. This will reduce your tax bill in most cases, particularly with a traditional IRA. If you have more than one IRA account, consider contributing to all of them.
Depending on age, an individual can contribute up to $6,500 per year. Contribute the maximum amount whenever possible. If that number is higher than money available on hand to contribute, it is recommended that they deposit as much as they possibly can.
U.S. Reserve suggests that even a $500 contribution can make a difference. It is an investment in the future, and it will be there when you need it most, which is in retirement. The investor will also reap the benefit in this year’s tax bite.
If at least one spouse has income, it’s possible to open a spousal IRA. In that way, both spouses may be eligible to contribute up to the maximum amount. Also, be sure to check your eligibility for a saver’s credit. It is worthwhile to check.
This is one more way people can find the money to contribute to an IRA accounts. Consider using the money received back as a tax refund and contribute that to your IRA accounts.
PR Newswire reported that the U.S. Money Reserve also covers the topic of filing for an extension. They advise that if more time is needed before a tax return in time for the deadline, be sure to ask for an extension. When the IRA contribution is made, also be sure to specify whether it is for the 2017 tax filings, or a contribution towards the 2018 tax year.
The company further suggests that a customer should balance their IRA by investing in metals. They suggest that this will strengthen and diversify the IRA. The experts at the U.S. Reserve are there to help.
They have years of experience in investments of all types, including investments in metals. It’s a good time to turn to them to get investment advice on your IRA from U.S. Money Reserve. They have an informative Precious Metals IRA Kit that is available upon request.