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Individual Retirement Accounts

2013 is gone but it's not too late to invest in an individual retirement plan to qualify for a deduction, as well as a potential credit, to your 2013 tax return - the deadline is April 15, 2014, the same day that your individual tax return is due. See these articles for more on basic information about IRA's and where to open an account:

Your tax advisor can help you determine the type of IRA, when, and what amounts to contribute. Everyone's retirement plan should be tailored specifically to each individual in light of particular circumstances and preferences. However, keep in mind that there are limitations to the annual amounts you can contribute to an IRA. For example, the maximum that can be contributed for 2013, is $5,500 if you're under 50 years old and meet income thresholds.

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