The last quarter of any year is a busy one for anyone who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. However, for those who can set aside time to review their finances, the advantages gained are many.
No question. Today’s tax laws are complicated. Many individuals are confused about which credits and deductions they can claim on the 2016 return. Even if you use professional tax preparation services, it’s a good idea to be familiar with the types of tax breaks for which you many be eligible.
There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs.