Do you have a retirement account through your employer or your own investment? For some, those retirement account contributions are the last chance to save significantly on your tax bill for 2018.
Maximize contributions to individual retirement accounts (Traditional IRA or Roth IRA) before you file. Contributions only have to be made before April 15 in order to qualify so you still have time. The account can even be opened prior to the deadline. These contributions reduce taxable income for the filer. It doesn’t matter whether you are itemizing or taking the standard deduction as well. The maximum IRA contributions have increased for most accounts.
Investors who are self-employed or have a business can also take advantage! Use the SEP IRA for additional deductions. You’re able to put away up to 25% of net income. Lastly, if you have any other investments in the stock market you can claim losses if sale was made before the end of the year.
Hope those of you who this applies to found this helpful. Anyone who is wondering about where to start when it comes to retirement, be sure to reach out to your local CPA to learn more. We can help with all financial planning aspects of your future. Always here for you with expert advice and personalized attention.