Roth IRA's

uilding a nest egg is an important goal for Americans, yet most Americans lag behind in their retirement planning goals. Many families are still recovering from economic downturns, and saving is a struggle, even for people who are over 50 and know they should do more. There are certain tax breaks and, if you are lucky enough to work for a great company, employer contributions that can help grow your retirement savings in 2016.

US News explains how to take full advantage of the 401(k) and individual retirement account perks you're eligible for in 2016 in "How to Maximize Your Retirement Accounts in 2016."

Max out your 401(k). You can contribute up to $18,000 to your 401(k) plan in 2016, which means saving $1,500 per month. Income tax isn't due on this money until it is withdrawn from the account.

Continual planning is essential for finding opportunities that will reduce the financial burden. Several options exist to help corporations retain wealth and reduce taxes legally.

At the end of the business year 2014, companies will be examining data to see if there are any tax savings available on defined contribution, benefit, cash balance and 401(k) plans.

A recent article on the InsuranceNewsNet website, titled “Important Tax-Planning Tips for Business Owners In 2014,” states that retirement packages can decrease tax liabilities by deferring income. The original article notes that gathering this data will allow business owners to make informed decisions about potentially accelerating deductions and deferring income into the next quarter. Compiling financial projections and reports is extremely important for proper tax planning.

Articles Tagged with Roth IRA’s

Retirement Planning Should Be Main Goal in 2016

Houston Business Owners: Tax Tips-N-Tricks for 2014