Reminder: IRA Contributions Before 4/15/15 May Lower Your Tax Liability
With the April 15th tax filing deadline rapidly approaching – there’s still time to potentially lower your 2014 tax bill. How? By making a full contribution to your traditional IRA. A contribution of $5,500 (or $6,500 if you’re 50+ years old) could give you an income tax deduction for 2014, as long as you make the contribution before 4/15/2015. And be sure to indicate to your CPA that your contribution is for 2014, even though you’re moving money in 2015. An important note here – if you or your spouse are covered by a retirement plan at work, or if your income exceeds certain levels, your deduction may be limited.
Naturally, your situation may be unique depending on your tax bracket, investment holdings, and overall financial plan. So be sure to check with your Financial Advisor and CPA to make sure you’re all squared away.
Have questions or need more information? Please contact us.CPAdeadlineIRAIRStaxtax planning