Tax Tip

With spring finally upon us, that means one thing…

Tax time is just around the corner.

The one day of the year we hope passes quickly. To help alleviate some stress this year and for additional guidance, here is a fresh tip from CNBC on retirement savings. For those of us that contribute to either a Traditional or Roth Individual Retirement Account (IRA), you may want to consider maxing out your contribution for tax year 2018, which was $5,500 or if you are over 50 years old, $6,500.

One area to watch for is that if you or your CPA files an extension on your taxes this year, which we hear is common with the new tax laws, your IRA contribution for 2018 is still due by April 15th. Ed Slott, an IRA expert and the founder of Ed Slott & Co. advises Americans that if you can, to take advantage to max out your contributions before its too late. For 2019, you can contribute even more ($6,000) and for those 50 & over, an additional ($1,000) over 2018.

We hope this has been helpful. To learn even more about all things retirement and a tool that Ed Slott advises to avoid taxes in retirement, check out our “Retirement Solutions” page. Until next time…

-The Harrin Group

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Source: CNBC