Tax Season Resources 2019/2020 | TVAMP

It’s tax time! Here are our tax resources to help you prepare 

File taxes & make 2019 IRA contributions by April 15, 2020

IRA Contributions = Retirement savings & immediate tax benefits

  • Did you know: You may be able to contribute to your IRA annually, up to $6,000 if you’re under 50, and up to $7,000 if you’re 50 or older. Investing early in life may have advantages. Especially when you factor in the potential for earnings to compound.
  • How it works: As your assets increase, so does the amount of money you may earn in returns from those assets. If you begin to gain returns on your original investment, the returns can compound, as returns are paid on the current total, not just on your initial investment.
    • Compound returns could yield substantial retirement savings in the long run. But once April 15th has come and gone, you’ll miss the opportunity to make your 2019 IRA contribution, and to take advantage of potential tax benefits.
  • If you don’t have an IRA to contribute to, opening one now may be beneficial to you!

If you’d like to know more about the tax benefits of contributing to an IRA, call or email us: (865) 226-9982 or connect@tvamp.com  

We have several other articles on taxes and tax planning on our blog.

Resources for clients:

Of course, if you have questions, we’re just a phone call away! (865) 226-9982