Tracy’s Tax Tips: Retirement Planning


    What does planning for your future retirement have to do with your taxes?

    FOX Business Network's Tracy Byrnes has the answer in Tracy's Tax Tips:

    Audio clip:

    Planning your retirement and how it affects your taxes.

    I'm Tracy Byrnes with the Fox Business Network, here with Tracy's Tax Tips

    If you haven't already funded your retirement account for 2013, make sure you do so by April 15, 2014. That's the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. However, if you have a Keogh or SEP - now those are the self-employed folks plans - and you put your tax return on extension to October 15, 2014, you get a bonus -- you can actually wait until then to put in your 2013 contributions.

    Now for 2013, the maximum IRA contribution you can make is $5,500 - you can make that $6,500 if you are age 50 or older by the end of the year. Those are some darn good deductions so don't miss them.

    And remember while contributions to a Roth are not deductible now your withdrawals are tax free in your golden years.

    I'm Tracy Byrnes, Fox News Radio.

    Follow Tracy on Twitter: @tracybyrnes