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Updated almost 10 years ago, 03/10/2015
I got a 28% guaranteed return on my investment today, you can too
Got my tax return back from CPA today and ended up paying IRS more than "my fair share" but paying taxes is a good problem. Uncle Sam made me a deal though, since I opted to deposit an additional $13,000 into our SDIRA's , ($6500 each- husband and wife) He took 28% of that deposit and reduced my taxes by another $3,640 guaranteed return! So the net effect to me was that I obtained a $13,000 investment for $9,360, Instantly. Your results may be better or less depending on your actual tax bracket. Either way, this is money that I can continue to invest in a Tax Advantaged way in my SDIRA until I actually draw the funds out. Do this even if you just have an IRA instead of an SDIRA. If you do not have an IRA Start one NOW (or an SDIRA) and make this deduction for towards your 2014 tax return. Even if you only have $100, $500, $1,000 to start, the key is to start! If you have already filed your 2014 tax return you can still make this contribution towards your 2014 taxes and easily file an amended return.
I am not an accountant or attorney and no tax or legal advice was given, only my personal opinion