Tax Savings Ideas 2013

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Tax Saving Ideas and Contributions for 2013

 

We are in the middle of the tax season and the advisors at Bridgeview Wealth Management wanted to share a couple of ideas for possible tax saving contributions for retirement and helping your children / grandchildren with college expenses.

 

Traditional or Roth IRA

Talk to your advisor about dedicating money to a Traditional or Roth IRA or both. An IRA gives you the opportunity to save for retirement and receive special tax privileges. There are two types of IRAs-Traditional and Roth--each with its own rules and benefits. The first step in choosing the one that’s right for you is knowing which one(s) you’re eligible to contribute to.

Anyone who earns income through employment can contribute to a Traditional IRA. Your ability to qualify for a Roth IRA or deduct contributions to a Traditional IRA will depend on whether you participate in a retirement plan at work together with your tax-filing status and your modified adjusted gross income (MAGI). Your Bridgeview Wealth Management advisor can help you determine your eligibility please contact them at (630)323-2144. 

 

529 College Savings Plans

A 529 savings plan is a tax-advantaged method of saving for future college or qualified vocational school expenses that are authorized by Section 529 of the IRS Revenue Code. The plan allows the account holder to establish a college savings account for a beneficiary and use the money to pay for tuition, room & board, mandatory fees, and required books and computers. The money contributed to the account can be invested in stock or bond mutual funds or in money market funds and the earnings are not subject to Federal tax and (in most cases) State tax, as long as the money is used for qualified college expenses. The plans are open to adults and children. Please contact a Bridgeview Wealth Management advisor for additional information at (630)323-2144.

 

 


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