The Traditional IRA, Roth IRA, SEP and SIMPLE (small business) IRA, as well as the CESA (Coverdell Education Savings Account) and HSA (Health Savings Account) all carry the tax day deadline for contributions.
(PRWEB) October 31, 2013
As 2013 winds down, self-directed IRA custodian Equity Trust Company is reminding those with retirement accounts to pay attention to the updated contribution limits to make sure they are making the most of their savings and their 2013 tax bills.
For example, some might not know they have until April 15, 2014, to contribute to most retirement accounts for the tax year ending 12/31/13. The Traditional IRA, Roth IRA, SEP and SIMPLE (small business) IRA, as well as the CESA (Coverdell Education Savings Account) and HSA (Health Savings Account) all carry the tax day deadline for contributions.
In some circumstances, individuals can lower their adjusted gross income by making contributions, which could potentially put them in a lower tax bracket.
Older Americans have yet another opportunity to benefit from contributing to their retirement accounts. Contribution limits for some accounts increase to allow seniors, in most cases ages 50 and older, to “catch up” on their retirement savings.
There are savings vehicles that offer additional opportunities for tax benefits beyond the tax savings that can be realized by retirement accounts. The CESA account is available for education savings, and the Health Savings Account offers an opportunity to save for healthcare-related expenses.
Some investors might not know that they can qualify as a small business. That designation can allow them to qualify for accounts including the SEP and SIMPLE IRAs, which offer benefits such as higher contribution limits and the opportunity for larger tax deductions.
Equity Trust has provided this easy-to-understand infographic that illustrates contribution limits and deadlines for 2013. The Company stresses that anyone seeking advice about retirement, or other savings accounts, should consult their accountant or tax attorney to determine the strategy that would work best for their situation.
For more details on maximizing a retirement or other savings account before tax day, visit http://www.trustetc.com/equity-university/irs-contribution-limits.html.
About Equity Trust Company
Equity Trust Company, with its corporate headquarters in Greater Cleveland, Ohio and operations in Sioux Falls, South Dakota, is at the forefront of the self-directed retirement plan industry. The Company specializes in the custody of alternative assets in self-directed IRAs, Coverdell Education Accounts, Health Savings Accounts and qualified business retirement plans. Along with its affiliates, Equity Trust Company provides services to more than 130,000 individuals and businesses nationwide with approximately $12 billion in assets under custody. Since 1974, the company and its affiliates have helped investors make tax-deferred and tax-free profits through education, innovation, and a commitment to understanding individual needs. Visit http://www.TrustETC.com for more information.