Why would you want the money to go to taxes when it could go into your retirement account instead?
Charlotte, NC (PRWEB) January 08, 2014
Jim Hitt, CEO of American IRA-a national Self-Directed IRA provider, says "We have some savvy clients who have figured out that they can have contributions taken out of their pay checks for their retirement accounts and still 'take home' the same amount of money. It is a really good idea to check with your CPA or accountant and see if you can enjoy the same tax advantage as our savvy clients. Why would you want the money to go to taxes when it could go into your retirement account instead?"
Here's a summary of the contribution limits for 2014:
*Traditional and Roth IRAs have a contribution limit of $5,500 and a catch-up contribution limit for those 50 and older of $1,000.
*SEP accounts have a contribution limit of $52,000.
*SIMPLE plans have a contribution limit of $12,000 and a catch-up contribution limit for those 50 and older of $2,500.
*401(k), 403(b), and Profit Sharing plans have a defined contribution limit of $52,000 and a catch-up contribution limit for those 50 and older of $5,500.
*The Coverdell ESA contribution limit for 2014 has not been published by the IRS yet; however, it will likely remain at $2,000.
*Health Savings Accounts contribution limits for individuals is $3,300; for families is $6,550 and there is a catch-up contribution allowed for those 55 and older of $1,000.
Individuals should keep in mind that some of the above plans also have other guidelines they need to consider such as taxable wage bases, high deductible health plans, and annual compensation...just to name a few. Individuals are welcome to call the American IRA office with questions and, as always, American IRA encourages individuals to consult with their CPAs, Accountants, and/or Financial Planners when making financial decisions.
American IRA, LLC was established in 2004 by James C. Hitt in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Mr. Hitt and his team have grown the company to over $300 million in assets under administration by educating the public that their self-directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more!
As a Self-Directed IRA administrator they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville, NC and Charlotte, NC.