How to save taxes with a retirement plan in 2023 and 2024

Written by Oberlander & Co Team | November 11, 2021

As the year comes to an end, business owners and individuals seek opportunities to maximize their savings through year-end tax planning. A Qualified Retirement Plan can be a great tool for small business owners who want to save on taxes and grow their personal wealth at the same time.

An IRA is an account set up with a financial institution that allows an individual to save for retirement, with tax-free growth or on a tax-deferred basis.

With a traditional IRA, you get a tax deduction when you contribute to the account and will pay taxes when you withdraw the money. Most people find themselves in a lower tax bracket once they retire. Therefore, the funds will be taxed at a lower rate when withdrawn.

There are no income limitations when not covered by a retirement plan at work.

In a Roth IRA, you don't get the deduction when you contribute, but the money grows tax-free. The income from the growth is not taxable.

For 2023 The IRA contribution limit is $6,500; for 2024, the limit has been increased to $7,000.

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This webinar below is from or archives. It was presented by Jacob I. Oberlander, CPA, and Chesky Deutsch from CSD Financial in which we covered all the basic information of a company and individual retirement plans.

Some of the topics discussed;

What are the tax benefits of a Retirement Plan?
What are the different versions of Retirement Plans?
Am I too young to consider a Retirement Plan?
Where can I invest my money within a Retirement Plan?
Is my money locked until retirement?

Download the presentation slides

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