![]() |
|
It's never too early to begin preparing for your retirement and one of the best ways to prepare is to set up an Individual Retirement Account (often referred to as an IRA). The purpose of an IRA is to serve as a personal tax-qualified retirement savings plan. Anyone who works, whether as an employee or self-employed, can set aside a set amount in an IRA, with the earnings on these investments tax-deferred until the date of distribution. In addition, certain individuals are permitted to deduct all or part of their contributions to the IRA. Business - Click the link on the left to visit our partner sites under business/finance/loan/mortgage category Computers - Click the link on the left to visit our partner sites under computer hardware/software/peripheral category Internet - Click the link on the left to visit our partner sites under webhosting/webdesign/internet marketing category Software - Click the link on the left to visit our partner sites under software category Web Design - Click the link on the left to visit our partner sites under web design/development category Web Hosting - Click the link on the left to visit our partner sites under web hosting category Web Promotion - Click the link on the left to visit our partner sites under search engine optimization/internet marketing category Web Resources - Click the link on the left to visit our partner sites under other web category Recreation - Click the link on the left to visit our partner sites under travel/hotel/cruise category Casino - Click the link on the left to visit our partner sites under online gambling/poker/blackjack/roulette category Health - Click the link on the left to visit our partner sites under online pharmacy/hospital/health category Shopping - Click the link on the left to visit our partner sites under online shopping/gift category Miscellaneous - Click the link on the left to visit our partner sites under all other categories
It doesn't take much to set up an IRA. The trustee (or custodian) can be a bank, mutual fund, brokerage house or other financial institution. You cannot be your own trustee. An IRA can be established and a contribution made after year-end, no later than the due date for filing the income tax return for that year, not including extensions. This generally means that you have until April 15th of the following year to make the contribution and deduct it on your tax return. The most you can contribute to an IRA in any single year (as of 2006) is the smaller of $4,000 or an amount equal to the compensation includible in income for the year. |
|
| © Copyright 2006, innovationdigital.com |