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Old 01-13-2013, 07:03 PM
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integrityman integrityman is offline
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Join Date: Mar 2007
Location: North West Ohio
Posts: 1,681
Quote:
Originally Posted by KS_Grasscutter View Post
Ive screwed myself over many times buying equipment in the name of saving on taxes. I'm starting to think that if you can't pay cash for it, you don't need the tax benefit. I would like to open a traditional IRA this year. I think you can contribute $5,000 tax free. The downside is you have to pay taxes on the earnings where as with a Roth IRA you do not.
Roth IRA you contribute too after taxes are taken out......earnings are tax free......at least for right now.
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