Interested in a Roth IRA? Here's What You Need to Know
By Taxation Solutions, Inc. on 2016-03-01
If tax season has you thinking about your financial future, Taxation Solutions, Inc. can help. In addition to our many tax help services, we can also advise you on the tax implications of Roth IRAs vs traditional IRAs, and even the tax pros and cons of converting a traditional IRA to a Roth IRA.
For example, while a traditional IRA allows you to deduct most contributions on your annual tax return, Roth IRA contributions are not tax-deductible. However, distributions from your traditional IRA will be subject to income taxes once you start withdrawing, whereas distributions from a Roth IRA are generally tax-free when you're using those funds in the future. In a nutshell: would you rather pay taxes on that money now, or once you've retired?
Taxation Solutions, Inc. is Arlington's best bet for tax help, and that includes taking a good look at your financial situation to recommend your best steps going forward. We'll discuss how much you're legally allowed to contribute, as well as what having a Roth IRA means for heirs should you pass away before withdrawing all of the funds. We can also aid you in converting traditional IRAs to Roth accounts.
Want to know more? Our tax help specialists are only a phone call away. Schedule your consultation with our experienced pros today!