With tax season well underway, you may be considering contributing to an IRA. For many people, the IRA options are confusing. There are traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Which IRA is right for you? Well, if you are not an employer and are not self-employed, you may not decide on your own to contribute to a SIMPLE or SEP IRA. That leaves traditional and Roth IRAs. Which is best for your retirement savings needs? We examine your options.
Are you self-employed or a small business owner and your business expenses go on your individual tax return? If so, and you have an extension for filing your 2014 federal income taxes, you may want to consider making a SEP contribution for 2014. It is not too late! Here is how it works.
You may be familiar with Health Savings Accounts (HSAs). You probably know that these tax-advantaged accounts can be used to pay for medical expenses. However, you may not be aware that these accounts can be valuable retirement savings tools.
Having a summer job can be a valuable experience for a young person. Whether it is scooping ice cream, lifeguarding, or working as a camp counselor, a summer job can teach life skills and give a first opportunity to manage finances. An important part of managing finances is saving for the future. Why not make contributing to an IRA part of your child or grandchild’s summer job experience? Here's how.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, examines if you have to take RMDs (required minimum distributions) from every account you have and answers if your traditional IRA is tax deductible.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, answers questions on claiming IRA fees as a tax deduction and whether or not you should have a separate Roth IRA for every conversion.
If you’re a small business owner such as a sole proprietor, a partner of a partnership, or an owner of an S corporation, and you don’t have a retirement plan for your business, you should consider establishing a SEP (Simplified Employee Pension) in 2014 (there might still be time) or beyond. Here's why.
On Monday, we posted an article to The Slott Report detailing 3 reasons why you may want to use a Roth IRA instead of a 529 plan to help save for a child’s college education. Since then, we’ve received a fair amount of feedback from readers and follow-up questions, many of which asked if using a Roth IRA to pay for a child's education expenses now would impact their aid in the future. We have the answer.
We are now less than 2 weeks away from the big April 15th tax filing deadline. Regrettably, but not surprisingly, many people are just now getting around to gathering up their tax information or filing their returns. With crunch time upon us, the questions have been pouring in, so with that in mind, here are the answers to 5 of the most common questions we have been hearing over the past few weeks.
We have previously written about a "lack of financial literacy," indicating that many individuals don't know or understand the benefits of IRAs or saving for retirement. Help set up your children and grandchildren for a successful financial future!
