Tax Tip

People are always looking for loopholes. One of the very best is using your company’s pension plan to your best interest. You can contribute up to $23,000 if you are under the age of 50 or $30,500 if you are 50 or older. The pension grows tax deferred until withdrawn plus it saves you tax dollars now. If you are in the 30% Federal/NY tax bracket, a $23,000 contribution cuts your taxes by $6,900. Pay yourself first!  Listen every Saturday at 3pm on WBEN or www.wben.com for our live tax show