Wouldn’t it be nice if you could do something to lower your federal income tax burden instead of mailing a big check on April 15?
With a traditional Individual Retirement Arrangement (IRA), you may be able to do just that.
A contribution of the 2007 maximum of $4,000 prior to April 15, 2008 could reduce your taxable income, making your federal tax
burden less for the year. If you were 50 or older by the end of 2007, you can add a $1000 catch-up contribution to potentially reduce
the tax burden even more.
If you already have a traditional IRA, plan to make a contribution prior to the April 15 deadline. If not, talk to a financial professional as
soon as possible to start one.
There are restrictions governing who may contribute to a traditional IRA. If you don’t qualify, consider a Roth IRA. You won’t get the
federal tax advantages now, but qualified withdrawals can be made free of federal income tax during your retirement years.
Either way, having a plan for retirement is important. You owe it to yourself to make the best plan as soon as possible.
denise@blackfrederick.com
With a traditional Individual Retirement Arrangement (IRA), you may be able to do just that.
A contribution of the 2007 maximum of $4,000 prior to April 15, 2008 could reduce your taxable income, making your federal tax
burden less for the year. If you were 50 or older by the end of 2007, you can add a $1000 catch-up contribution to potentially reduce
the tax burden even more.
If you already have a traditional IRA, plan to make a contribution prior to the April 15 deadline. If not, talk to a financial professional as
soon as possible to start one.
There are restrictions governing who may contribute to a traditional IRA. If you don’t qualify, consider a Roth IRA. You won’t get the
federal tax advantages now, but qualified withdrawals can be made free of federal income tax during your retirement years.
Either way, having a plan for retirement is important. You owe it to yourself to make the best plan as soon as possible.
denise@blackfrederick.com
| BlackFrederick.com's Featured Article |
| www.BlackFrederick.com All rights reserved to BlackFrederick.com Copyright 2007 WebMistress |
Don’t Let April 15 Pass You By
Contributed by Denise Hall Brown, State Farm® agent
BlackFrederick.com Money Corner Editor
Contributed by Denise Hall Brown, State Farm® agent
BlackFrederick.com Money Corner Editor
April 15 has long been considered a date to avoid. Visions of tax men coming for your money are common
in many advertisements on television and in print.
in many advertisements on television and in print.
|
| The 21st Century Information Source for African Americans in Frederick County & Beyond |
|
"Placing small ads in community papers and/or
websites increases consumers' awareness of your
business or service."
- R. Carter
Small Business Owner
websites increases consumers' awareness of your
business or service."
- R. Carter
Small Business Owner
 |
 |
