A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might not offer a Roth […]
IRA Contribution Deadlines
Did you know that you may still be able to make a contribution to your Traditional or ROTH IRA for 2015? You have until April 18, 2016 to make the contribution. A contribution to a Traditional IRA can lower your taxable income, and therefore, decrease your overall tax due for 2015. Please consult your financial […]