Being a CPA, I’m always trying to figure out ways to help people lower their taxes. A Traditional IRA is a Financial Vehicle that can potentially help you to lower your taxes in the short run. 

Simply put, Traditional IRAs work like this: you contribute to your IRA & receive a tax benefit for the current tax year. After that, you can let the money inside your IRA continue to grow, tax-deferred. When you withdraw money, all of the contributions and growth will be 100% taxable at your ordinary income tax rate.

There are many different ways you can make withdrawals from your Traditional IRA and potentially not have to pay taxes.  If you’d like to further understand how a Traditional IRA (or any other Financial Vehicle) could work in your specific retirement plan, schedule a complimentary consultation to meet with one of our CPA Advisors.