Year End Tax Tips #1

November 5, 2007 by MoreMerchant
Filed under: Featured, Save Money, Taxes 

Put some savings away for retirement

A great way to put money away for the future is with a deductible Individual Retirement Account (IRA).

End of Year Tax TipsA conventional IRA will defer taxes as your investments grow, while a Roth IRA is actually tax-free. You have until April 15 to open an IRA and make a deductible contribution for the previous year.

If your work offers a 401K with matching make sure you take full advantage of this. If your employer offers a matching, it is giving yourself a raise if you take full advantage of this. Plus with the first $15K or so before taxes you are helping yourself out even more.

Part of the End of Year Tax Saving Tips Tax Tip #2
Year End Tax Tips #2

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Comments

2 Responses to “Year End Tax Tips #1”

  1. Debt Reduction on November 9th, 2007 10:10 pm

    A 401K is always a good way to save taxes and build a retirement. Should be part of everyones plan.

  2. End of Year Tax Tips on November 11th, 2007 8:31 am

    [...] Year End Tax Tips #1 - Savings Year End Tax Tips #1 Charitable Giving [...]

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