If you’re anything like me then you hate filing taxes so you’ve waited until the very last minute to do them. Most individuals are anticipating a refund this year….yay for them. However, if you find yourself owing the IRS, don’t panic…at least not yet….there’s still time to do something about it. Why don’t you consider contributing to an IRA?
An IRA (Individual Retirement Account/Agreement) is a very popular tax advantaged strategy that has been used for years in tax planning and is a great way to save for retirement.
IRAs have not always been known as IRAs. Several modifications and legislations have taken place to get it to where it is now. In a future post, I will go more into detail about the history of IRAs and how they came to be.
There are several types of IRAs to choose from depending on your situation; however I will just touch on the two most popular ones….Traditional and Roth IRAs.