It’s tax time! Here are our tax recommendations and resources to help you prepare (links below).
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 firstname.lastname@example.org
We have several other articles on taxes and tax planning on our blog.
Resources for clients:
- 2019/2020 detailed tax guide (23-page guide to help you address tax issues)
- 2020 mailing schedule for 2019 tax information MOST POPULAR!
- Corrected 1099s, what are they?
- 2020 individual income tax planning (tax Rates, contribution limits, and other important data)
- 2019/2020 tax season figures at a glance (1-page quick reference document)
Of course, if you have questions, we’re just a phone call away! (865) 226-9982
This information is not intended to be a substitute for specific individualized tax advice.
We suggest that you discuss your specific tax issues with a qualified tax advisor.