Many people in the United States of America are currently petrified of the amount they owe on their taxes for the 2017 year. These people are scouring the internet to find ways to lower what they all so that they can afford it somehow.
The US Reserve has released an article that details how each and every one of us can easily lower our tax costs while also preparing for the future.
They begin by telling the reader to open up an IRA account that can be used to save up for retirement. They then recommend you open up multiple retirement accounts in order to get the maximum benefit. The IRS will allow you to get each of the following benefits for each retirement account, and as you’ll see, this adds up to be quite a lot.
As long as you open up an IRA before the April 17 deadline then you are allowed to count this investment as if it was occurring in the 2017 year. This is essential since many people only have a few days to prepare for their taxes.
The first thing you want to do is donate the maximum allowed for your IRA. For most people who are under 50 years old the maximum amount of money they can contribute to the IRA is $5500. Read more: US Money Reserve | LinkedIn and US Money Reserve | Bizjournals
This counts as untaxed income and is often enough to lower somebody into the smaller tax area. This can also be used to set up an IRA for spouse who is no longer working or for some reason decided to stay at home.
Once you begin doing that you want to fill out the proper form of the IRS in order to get that money returned to you as credit. This is what’s known as the saver’s credit clause.
Depending on multiple different factors, you can receive anywhere between 10% to 50% of the $5500 back as credit. This means you literally make $2250 and save up for your retirement. Learn more about US Money Reserve: https://www.usmoneyreserve.com/blog/ and https://www.usmoneyreserve.com/why-buy-gold/
In addition, you should sign the document so your tax return will go straight to your IRA. This allows you to get additional credits which can not only pay off what you owe but also go into your bank account if there’s any excess.
The last thing that they recommend doing this to back your IRA with precious metals which stand against inflation well indeed.