In this episode of Getting Real with John Bowens we prepare as the tax deadline is approaching. Discover what considerations are important before the tax deadline this year, learn how much you can contribute for both Traditional and Roth IRAs, plus much more!

Be sure to leave a comment below on questions you have as it may be chosen for our next episode! Also, get started today by clicking the link to schedule your one-one consultation with one of our Self-Directed IRA Counselors!

0:00 Intro
0:46 When is the tax filing deadline this year?
1:32 How much can you contribute to a Traditional/Roth IRA?
4:16 What is the difference between a Traditional IRA and Roth IRA in terms of the tax return filing date?
4:33 What is a SEP IRA?
7:02 Can you contribute to your SEP IRA until your extension deadline?
7:30 Can you qualify to make a contribution to a Traditional IRA if you have a 401k with your current job?

Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional….(read more)

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Retirement accounts can be an excellent way to plan for your future and save for retirement. However, did you know that they can also help you at tax time? Whether you have a traditional 401(k), an individual retirement account (IRA), or a Roth IRA, these accounts can provide significant tax benefits that can lower your tax bill and increase your retirement savings.

One of the key benefits of a traditional 401(k) or traditional IRA is that the contributions you make to these accounts are tax-deductible in the year you make them. This means that if you contribute $10,000 to your traditional 401(k) or traditional IRA in a given year and your marginal tax rate is 25%, you can save $2,500 on your tax bill that year. This can be a significant savings, especially if you’re in a higher tax bracket.

In addition to the tax deduction, contributions to traditional 401(k)s and traditional IRAs also grow tax-free until you withdraw the money in retirement. This means that your money is not subject to capital gains tax or dividend tax while it’s growing, which can lead to significant savings over time.

If you have a Roth IRA, the tax benefits are slightly different. Although you don’t get a tax deduction for contributions to a Roth IRA, your money will grow tax-free and you won’t have to pay taxes on your withdrawals in retirement. This can be a huge benefit if you expect to be in a higher tax bracket in retirement or if you want to leave the money to your heirs.

Another benefit of retirement accounts is that they allow you to defer taxes until you withdraw the money in retirement. This means that you can control your tax bracket in retirement by taking out only what you need to live on, rather than being forced to take large distributions that could push you into a higher tax bracket.

Retirement accounts also provide flexibility when it comes to when and how you take distributions. For example, if you’re in a lower tax bracket one year, you can choose to take a larger distribution from your retirement account without pushing yourself into a higher tax bracket. Or, if you have a large medical expense or unexpected financial hardship, you can take a distribution from your retirement account without penalty.

In conclusion, retirement accounts are not only a great way to save for retirement, but they also provide significant tax benefits that can lower your tax bill and increase your retirement savings. Whether you have a traditional 401(k), traditional IRA, or Roth IRA, consider maximizing your contributions each year to take advantage of these benefits.