"Golden years aren't going to be golden unless we make it so" - KLTV.com - Tyler, Longview, Jacksonville |ETX News

"Golden years aren't going to be golden unless we make it so"

Hayden Mayfield Hayden Mayfield
Phillip Davin Phillip Davin

By Morgan Chesky - bio | email

TYLER, TX (KLTV) – Fifty-five days and counting… until your hard earned dollars must be sent to the IRS.

But, before you file your taxes, it pays to know what you can can't write-off.

Some tax workers who have seen everything, and offer some deduction advice bringing your lifetime returns. It won't be long until April 18 is staring us in the face, tax day for all.

At Liberty Tax Service, Hayden Mayfield says the search for write-offs gets pretty creative, "One was a man who wanted to claim his ex-mother-in-law as a dependent on his tax return and unfortunately, he couldn't do that."

"And a word of warning to all you husbands out there, next time your wife tries to tell you her designer wardrobe is tax deductible, don't listen because while she may wear it to work, that doesn't mean it can deducted as a uniform," warns Mayfield.

Phillip Davin with Edward Jones Investments advices, "Since we're approaching tax time, I think it just makes sense to talk about the traditional IRA."

That's right! You can take the sting out of your taxes by saving for your retirement.

"The traditional IRA is the only one that would be applicable that would receive a tax write-off now," says Davin.

Those who can write off deductions fall in two groups: Married couples who file jointly and make no more than $89,000, or Singles whose annual income doesn't break $56,000.

"I think the idea of a pension and social security now has less weight, and I think we need to each take more personal responsibility now, and fund those IRA's when we can," Davin expressed.

Funds are taxed when you begin withdrawals at age 59 and a half. By investing the maximum $5000 annually, or $6000, if you're older than 50, returns can add up for an uncertain future.

"We have to take personal responsibility to make sure that our retirements are golden. Our golden years aren't going to be golden unless we make it so," warns Davin.

Financial advisors say those who are self-employed could qualify for several other types of IRA's depending on how the business is structured. If you are interested in opening an IRA, talk to your tax preparer first to see which ones you qualify for.

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