Make Tax Time Retirement Saving Time

Make Tax Time Retirement Saving Time

Tax time is a great time to do a little retirement planning. Even if you already have a retirement plan set up, you can give that plan a boost at tax time. The problem is, many taxpayers aren’t aware of the savvy tax moves that will help with both retirement and save money on taxes.

So let’s a look at a few of the simple moves you can still make this tax season to save you some money. Open an IRA. Did you know that you could open an IRA before the tax deadline even if it’s after the end of the taxable year?

This not only puts money aside for retirement, but it reduces your adjusted gross income, thus lowering your tax bill. If you can afford it, then open a Roth IRA with after-tax money, which grows tax-free. If you can’t then got with a traditional IRA.

Another way to save is by opening a health savings account. You can make tax-deductible contributions to an HSA until the tax deadline. You can also make payroll contributions to your HSA, as well. This is a great way to save for medical expenses in retirement and lower your tax bill. In fact, it’s a lot like a 401k for your health care.

If you work for yourself, or earn a little extra cash from a side job, then you can open a SEP-IRA. And you actually have until October 15 to contribute to a SEP. Plus, you can stow away up to 20 percent of your self-employed income in a SEP, even if already you have a 401k from your full-time job.

We hope you found this article about “Make Tax Time Retirement Saving Time” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

GROCO.com is a proud sponsor of The American Dreams Show.

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.