Tax services that often go neglected are those of professional tax planners. You may be eligible for the Saver’s Credit if you contribute to a retirement plan, like a 401(k) or an IRA. The Saver’s Credit is the short name for the Retirement Savings Contribution Credit. And it can be worth up to $2,000 for married couples filing a joint return. The credit is worth up to $1,000 for single taxpayers.
The Saver’s Credit can help you save for retirement and reduce the tax you owe. However, there are the facts from the IRS that you should know about this credit. First, the Saver’s Credit is in addition to other tax savings you can get if you set aside money for retirement. For example, you may also be able to deduct your contributions to a traditional IRA.
Special conditions have to be met in order to receive this credit. And you should refer the IRS website for specifics in this matter. Or you may wish to contact our firm and schedule an interview. We can talk to you about the credit. And we can also discuss all your tax planning needs.
Upon retirement, life and income change. Instead of contributing to tax-deferred retirement savings plan that reduce taxes; you now have to pay taxes on the funds withdrawn from your savings plan. So professional tax planning is imperative so that you do not pay excessive taxes during the years where you may be making the least income. After all your retirement years should be your golden years.
Retirees often receive income from a variety of sources, such as Social Security benefits, distributions from pensions, annuities and IRAs. Business & Financial Solutions will take a close look at how your income from various retirement plans are taxed, and then look at basic tax strategies that may. You see, a little planning ahead can go a long way to keeping your taxes as low as possible in retirement. Our clients are residents in Northern Virginia, Montgomery County, Frederick County, the Washington DC and Greater Baltimore Maryland Metro Areas.
We have three convenient locations with services in Vienna, Rockville and Frederick. Please visit our HOME page for addresses. Our tax planning services are designed to improve your way of living. Let us help with the preparation of a solid plan, in making your golden years what they should be.
Office locations in Rockville, Frederick and Vienna.
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