Tax rules regarding retirement plans are complex. Each benefit plan has specific requirements as outlined by the IRS and not every plan can be used by everyone. For example, contribution limits vary by the type of plan, your income, and your age. Some plans may require withdrawals at a certain age, while others have no age limit. Some withdrawals are taxed at retirement, whereas others are tax free. It's important to understand the tax implications to make your retirement planning choices.
That's why it's best to use a tax professional like us. We can help you understand what type of retirement plan is available for you and work with your financial planner to make sure the tax impact of contributions or withdrawals are considered.
Here's what we do for you:
It's important to call us before the year is over. Some changes must be made before the year is over to reap the benefits.
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