Tax Saving Tips: Leverage your retirement savings

17 Feb Tax Saving Tips: Leverage your retirement savings

Tax Tips from your Weaverville CPA: Leverage retirement account tax savings. Start thinking now about contributions to a retirement account. Traditional retirement accounts like a 401(k) or individual retirement account (IRA) still offer some of the best tax savings. Contributions reduce taxable income at the time that you make them, and you don’t pay taxes until you take the money out at retirement. The 2015 contribution limits are $18,000 for a 401(k) and $5,500 for an IRA (not including $1000 catch-up contributions for those 50 years of age and older).

For more tax saving tips check out these links:

Business Travel Savings

Forgotten Deductions

Retirement Savings

Increasing Deductions and Deferring Income