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As a CPA, you’re dedicated to the financial health of your clients. Be it an individual or a business, you want to see them make sound financial decisions that benefit them not only today but, in the future, as well.
However, many CPAs are not utilizing an important retirement tool that can support their clients — leveraging the flexibility of a self-directed IRA.
Here are a few need-to-know basics about self-directed accounts and how they can help your clients and your practice.
A look at the make-up of a self-directed IRA
A self-directed IRA or other self-directed account provides investors additional control over their retirement plan and its options. Self-directed accounts are available in several formats, including HSA and CESA, Roth or traditional IRA, SEP or SIMPLE, and they are generally administered by firms specializing in self-directed accounts.
However, while the firm administers the plan, the investor is responsible for all decisions related to the plan’s health and growth. This includes the investment types utilized to power the account.
Video: More Information for CPAs
This model provides both tax-free and tax-deferred solutions that can offer flexibility over other retirement plan options, and investors can use their self-directed account to invest in things like:
This includes commercial and residential properties. You can also invest in real estate debt financing.
This can include private stock or partnerships and joint ventures.
This is provided the metals are held offsite and not in the IRA holder’s possession, and that they meet the fineness requirements. Read more about the requirements here.
Other options to match a person’s passion, knowledge, or skill set
Hedge funds, royalties, equipment, leases, commodities, and commercial notes and paper are all potential investment options as well. More information can be found in IRS Publication 590.