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Tax Shelters Are No Longer Only for the Wealthy
Jupiter, Fla. (PRWEB) April 17, 2008 -- Nilus Mattive takes a closer look at four different tax shelters and the conditions of each one. Mr. Mattive discusses why each tax shelter is beneficial.
Tax shelters conjure up visions of mysterious legal loopholes and shady offshore accounts. But they're not just for the wealthiest 1% in fact; there are plenty of them available to most investors. Here are just four of them:
#1. 401(k) plans: Most employers offer these retirement accounts, and they're a great way to keep money away from the government. That's because whatever is contributed is taken out of your pre-tax earnings. Not only does that mean taxes are deferred on the amount contributed, but it might lower the tax bracket in general. Meanwhile, investments grow tax-free until cashed out during retirement.
#2. Individual retirement accounts (IRAs): IRAs can be contributed to every year provided that the earned income that falls within a certain threshold. For 2008, investors can contribute up to $5,000 to their IRA accounts. If 50 years or older an additional $1,000 can be contributed.
#3. Coverdell Education Savings Accounts: This is a nice tax shelter for those with children or grand children. $2000 can be put into this account every year for a minor's education (up until their 18th birthday). As long as later withdrawals go to qualified education expenses, the original contributions and any investment returns are not taxed. Currently, those expenses include not only college costs but even private elementary or high school tuition, too. The beneficiary of the account has until age 30 to use the funds. After that point, they must either withdraw the money and pay taxes plus a 10% penalty or roll the funds into a new Coverdell account for another beneficiary.
#4. 529 Plans: These too, are great for parents, grandparents, or anyone else looking to help put a child through college. Like Coverdell accounts, they allow contributions to grow tax deferred. Plus, distributions will be tax free as long as they go to qualified education costs.
"In addition, depending on the plan, the future student is not the only one who reaps tax benefits, the contributor can too. 529 plans are sponsored by individual states and some will allow residents to write-off the money they put into a plan against their income taxes," Nilus Mattive states.
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About NILUS MATTIVE & MONEY AND MARKETS
Nilus Mattive, a financial analyst at Weiss Research, is the editor of Dividend Superstars, a monthly publication and is also the editor of the company's daily e-letter, Money and Markets. Formerly a senior editor of Standard & Poor's The Outlook, the oldest continuously published investment newsletter in the country, he has written for a number of investment websites, including BusinessWeek and Individual Investor. Mr. Mattive is the author of The Standard & Poor's Guide for the New Investor (McGraw-Hill, 2004) and has appeared on the popular investment radio show, Traders Nation, to discuss his views on personal finance.
Mr. Mattive graduated cum laude from the University of Scranton.
Money and Markets (www.moneyandmarkets.com) is a free daily investment newsletter from Dr. Martin Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Weiss Research, Inc. is located in Jupiter, Florida. For more information about our editors, or to set up an interview, please contact Jennifer Moran at 561-627-3300 or visit www.moneyandmarkets.com.
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