Taxes School & Income Taxes Courses: Pronto Tax Class - IRA Advice Part 1

http://ProntoTaxClass.com ...Taxes School & Income Taxes Courses --- In this video Andy Frye provides part 1 of advice regarding interacting with the Internal Revenue Service (IRS), which is an important part of training for tax preparation. This video is Part 1 from Chapter 27 of the tax preparation course called Pronto Tax Class.

SCRIPT:
When preparing tax returns, often taxpayers want some tax advice. Specifically, they may want to know if they should contribute to an IRA or Roth IRA. Questions they may ask are, do I want to create an account? What kind of tax benefits will I get?
Often taxpayers will ask you if it is better to do a traditional IRA or a Roth IRA. A Roth IRA will give the taxpayer a deduction based on that contribution, but get taxed on the distribution. A Roth IRA you don't get a deduction when you put in the contribution but you don't get taxed in the distribution. You can also avoid getting taxed on the earnings of a Roth IRA.
As the taxpayer you have to think if it will benefit your tax break to use a traditional or Roth IRA. The power of a Roth IRA when you're young can be a great benefit since you have a longer time period to make that investment grow. But as a taxpayer you do not want to give financial advice only make them aware of their options.

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Education

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• taxes school
• Income Taxes Courses
• the tax school
• taxation courses online
• andy frye
• pronto tax class