Sentences with phrase «immediate tax deductions when»

Traditional IRA and 401 (k) accounts allow you to make pre-tax contributions, giving you an immediate tax deduction when you contribute.

You receive an immediate tax deduction when you create your trust.

Not exact matches

For some taxpayers, the immediate tax deduction is more important during higher income earning years and less relevant during retirement when they are in a lower tax bracket.

So another idea is to forgo the immediate deduction and claim it years later when the money is withdrawn to offset the tax at that time, then you don't have to worry about being in the higher tax bracket (except for the income earned in the meantime).

Note: For all of the tax - qualified calculation sheets: When you invest money into tax - qualified plans, like IRAs / 401 (k) / etc., you get an immediate tax deduction on the contributions.