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Ask a Fool: I Don't Have a 401(k) at Work. What's the Biggest Tax Break I Can Get for Investing?

The Motley Fool

Q: I don't have a retirement plan through an employer. What's the best way I can save money and lower my taxes? The obvious answer is an IRA, but there's a lot more to the answer. If you aren't eligible to participate in an employer's retirement plan, you are eligible for the maximum traditional IRA deduction, regardless of your income. For 2018, you can set aside and deduct up to $5,500, with an additional $1,000 contribution allowed if you're over 50. On the other hand, the Roth IRA income limits apply to all taxpayers, and can be a great way to lower your taxes after you retire if you qualify. If any or all of your income comes from self-employment, you have additional options that allow for