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Tax time clean up

Tax time clean up

| April 11, 2016
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Taxes

Tax day is here in just a few days. This year it was extended to 4/18/16 due to Emancipation Day which is a holiday in DC. Here are a few thoughts as we close up 2015’s taxes.

Make sure you’ve made you 2015 IRA/Roth IRA or backdoor Roth IRA contribution. You have until 4/18, no exceptions to those.

Small businesses and Solo entrepreneurs: with a SEP, you can file an extension and may have up through October 15th to make your full SEP contribution. Make enough money and you can put in 53,000. At top tax brackets, that’s one heck of a tax saving for the prior year’s return. You’ll want to set the SEP up before 4/18.

Plan ahead. It’s better to do things in real time, not only do you end up with extra time to meet obligations or take advantage of incentives, the longer your money is invested, the greater the possibility of growth – it’s the length of time, or time horizon that is central to investment planning and more predictable results.

This is a great time to budget for the upcoming year’s tax deductions you wish you had last year such as charitable contributions and contributing more to your retirement plan.

Don’t do it yourself. The more complex your financial situation, the more likely it is to make mistakes. The extra money spent on a tax preparer can save you thousands.

In the end, it’s a great day to put behind us. Enjoy the year ahead and let us know how we can be of service.

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