RR Bradley & Associates PA Hong Kong: 7 Ways To Save Even More Income Taxes
Here are 7 interesting (and fun) ways to save even more income taxes...
1. IRA Funding Trick
2. A Special Retirement Plan
3. Make Your Landlord Pay For Improvements
4. Deduct Home Entertainment Expenses
5. Deduct Holiday Gifts Without Receipts
6. Deduct Your Home Computer
7. Have Your Company Buy You Supper
1. Did you know you can use your previously funded IRA to fund the current year's deductible contributions?
Well, you can. If you don't have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction. And have until June 12th to make the full 4,000 contribution! To get started, all you need is a previously started IRA.
You begin by having $4,800 distributed to you from your IRA on April 15th. Your bank is required to hold 20% (income tax withholding), so you'll actually receive $4,000. Once you have the $4,000, immediately deposit it back into your IRA. If you do this before April 15th, this counts as your deductible contribution for the year. The best part of this is that you have 59 days to "make up" the withdrawal-or to be taxed. Simply deposit $4,800 "rollback" into the same IRA account by June 12th to avoid taxes on the original $4,000 distribution made to you.
This is a type of short-term loan from your IRA to make this year's deductible contribution before the April 15th due date.
NOTE: Not all banks realize it is required to withhold the 20% from the original $4,800 withdrawn from your IRA. Call to find out which way we can help you work with this "extra" amount. There are many options, so get informed before you miss out on the full benefits of your retirement plan.
2. We have a special retirement plan for you if you are self-employed and involved in more than one business.
This is for you if you are self-employed and involved in multiple businesses, even with partners.
A new tax act has made a change allowing you to contribute to a
1. IRA Funding Trick
2. A Special Retirement Plan
3. Make Your Landlord Pay For Improvements
4. Deduct Home Entertainment Expenses
5. Deduct Holiday Gifts Without Receipts
6. Deduct Your Home Computer
7. Have Your Company Buy You Supper
1. Did you know you can use your previously funded IRA to fund the current year's deductible contributions?
Well, you can. If you don't have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction. And have until June 12th to make the full 4,000 contribution! To get started, all you need is a previously started IRA.
You begin by having $4,800 distributed to you from your IRA on April 15th. Your bank is required to hold 20% (income tax withholding), so you'll actually receive $4,000. Once you have the $4,000, immediately deposit it back into your IRA. If you do this before April 15th, this counts as your deductible contribution for the year. The best part of this is that you have 59 days to "make up" the withdrawal-or to be taxed. Simply deposit $4,800 "rollback" into the same IRA account by June 12th to avoid taxes on the original $4,000 distribution made to you.
This is a type of short-term loan from your IRA to make this year's deductible contribution before the April 15th due date.
NOTE: Not all banks realize it is required to withhold the 20% from the original $4,800 withdrawn from your IRA. Call to find out which way we can help you work with this "extra" amount. There are many options, so get informed before you miss out on the full benefits of your retirement plan.
2. We have a special retirement plan for you if you are self-employed and involved in more than one business.
This is for you if you are self-employed and involved in multiple businesses, even with partners.
A new tax act has made a change allowing you to contribute to a