RETIREMENT & LONGEVITY
Consider using tax-advantaged accounts to help lower your tax bill.
Even in the wake of complex tax provisions, a key to lowering your tax bill is really quite simple: report lower taxable income.
Since few of us actually want to earn less, the next option to consider is to stash as much income as you can into tax-advantaged accounts. If you haven’t contributed the maximum amount to a qualified retirement plan at work, consider adding money while you can.
Your financial advisor can help develop a retirement account contribution strategy that’s tailored to your unique situation.
Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty.