Tax Deferral Of IRS Income
Tax Deferral – What You Need To Know From Joe Mastriano, CPA!Tax deferral gives you the opportunity to pay your taxes sometimes in future. If you choose to pay later, you may be taxed at a lower rate.The income taxes may be deferred to future periods, usually at a lower tax rate.
Tax Deferral Of Retirement Plans
You may defer taxes by investing in a retirement plan. If you set up a retirement plan, you do not have to pay taxes on the contributions you make, until you start using your retirement funds.If you choose to invest in a 401(k) plan, tax deferral continues until the retirement distributions starts. In addition, the contributions you make are deducted from your ordinary income.A Keogh plan is another option you may consider for tax deferral. The amount of money you invest in this plan is tax deductible.Taxes are also deferred if you choose to invest in an Individual Retirement Account. The contributions you made to this retirement plan may be tax deductible, depending on your income or on your spouse retirement plan coverage.Here at Joe Mastriano P.C., we understand the entire IRS process and what it takes to get your problem resolved. We’ve been in business now for over 30 years and have the experiences you need to make sure we get your debt reduced as low as possible. Do yourself a favor and visit our website. If you like what you read and want to talk to a specialist, call us today at (713)774-4467.
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