These self-directed IRAs offer two big incentives to encourage people to save for retirement:
1) There are noteworthy tax advantages associated with these retirement accounts. The specific tax benefit you receive will depend on which account you open.
2) With the freedom of a self-directed account, you can choose your own investments. Choose from the traditional stocks and bonds, as well as a wide range of alternative investments, such as real estate, gold, and private stock.
The tax benefits associated with these accounts are very different. Explore each option in more detail to determine which is right for you. Understanding general tax law will assist you in making the decision between Traditional IRAs and Roth IRAs. Your accountant may be able to help you in determining the account that will best suit you.