Guide For Tax And Real Estate: Tax Savings Strategies: Save On Taxes Tips

As we will see later, there are several types of IRA accounts available. The one most people think of when they think of an IRA is called a Traditional IRA. Generally, you get a tax deduction when you contribute money to a Traditional IRA. The money grows tax-free until you decide, or are forced, to make a withdrawal from your account. Though tax-free is the term often used, tax-deferred is a more accurate term.