We know most 2022 income tax planning must be completed by December 31, 2022. However, there is one 2022 income tax reduction method you can use even now.
How? It’s simple. You may still contribute to your Traditional, SEP, or SIMPLE IRA until the 2022 income tax due dates. For most of us, that’s April 18, 2023.
Making a 2022 IRA contribution now has two benefits:
- It will reduce your tax bill. Depending on your income tax bracket, the reduction in income taxes could be a quarter to a third of the amount contributed.
- The IRA investment may continue to grow in the future.
In addition, in the future, you can convert the Traditional IRA to a Roth IRA which can save you even more in taxes on a growing investment.
Do you have money sitting in the bank? Consider adding some of it to your existing or new IRA account to decrease your income tax and increase your growth. Ready to contribute?
- Complete the Deposit Form
- Contribute to through:
For information about a Self Directed IRAs, Solo 401(k)s, or alternative investments,
call IRA Club at 312-795-0988 or click here to schedule a call.
Disclaimer:
IRA Club offers no investments, products, or planning services. Therefore, please consult your attorney, tax professional, financial planner, and any other qualified person before making any investments. Be advised that IRA Club does not evaluate, review, monitor, recommend, warrant, guarantee, or otherwise endorse the legality, tax treatment, propriety, performance, or reliability of any investment, service, statement, opinion, or other representation provided with respect to the investment opportunities listed on its site or their sponsors or providers. IRA Club has no financial arrangement, partnership, joint venture, or other affiliation with the sponsors or providers of these investments. IRA Club shall not be liable for any misinformation, misrepresentation, negligence, act, omission, investment results, or any wrongdoing with respect to any of these investments or their sponsors or providers.
