An IRA is one of the best ways of saving for retirement AND reducing your income taxes. For 2009 the maximum contribution in $5000; however, if you are over 50 you can make an additional “catch up” contribution of up to $1000 (bringing the over 50 maximum contribution to $6000). You can make your 2009 [...]
Category Archives: How To Reduce Income Taxes
New Rules Allow Everyone To Reduce Taxes At Retirement
January 8, 2010 – 11:41 am
New legislation taking effect in 2010 allows everyone to potentially reduce taxes at retirement by converting traditional IRA assets into a Roth IRA. Before 2010, this benefit was restricted to just those with adjusted gross incomes of $100,000 or less. Additionally, the new rules allow for the tax liability of doing so to be split [...]