Can you believe that we are already 3 months into 2019? Winter is hopefully leaving us soon and the beauty and freshness of spring will be upon us. As you enter into a season of new goals and planning, we would like to remind you of an upcoming tax deadline. You still have until April 15th, 2019 to fund your IRA/Roth IRA for the 2018 tax year. You are able to contribute up to $5,500 if you are under 50. This increases to $6,500 if you are 50 and above.
You may be asking why should you contribute and what does it matter to your finances? Well, the main benefit of adding to an IRA or Roth IRA is to defer taxes on gains until retirement. Depending on the type of account you contribute to and your income, you can get a tax benefit today or pay taxes now and have tax-free growth. This means you would not owe taxes upon withdrawing from your account in the future. Also, you can invest an IRA or Roth IRA account in multiple ways, depending on your risk level, to seek long term growth or focus on safer investment options.
Remember, we are here to make the contribution process run efficiently for you. If you are interested in adding money to your account for the 2018 tax year, please email or call us. You won’t want to miss taking advantage of this opportunity!