Before the tax deadline on April 18, consider taking advantage of the deductions available to you by maximizing your IRA funding. Contributing to your IRA account is a great way to increase the amount of money you're putting away for retirement while also reducing your taxes. This is a time-sensitive matter, so be sure you make your considerations or schedule an appointment prior to the tax deadline.
The IRS has shared information on these deduction amounts based on your specific situation, including whether or not you contribute to a retirement account through your workplace. This year, contributions for a traditional IRA account cannot exceed $5,500, or, if you're over age 50, they cannot exceed $6,500. Roth IRAs have contribution limits based on your modified adjusted gross income, and can be found at this link.
April 18 is just around the corner! Even if you file for an extension on your taxes, you must make your IRA investments by tax day. Feel free to contact me a t217-971-1256 or sandy@ssfinancialgrp.com to schedule an appointment or if you have any questions.