As tax season is drawing to a quick close, you may want to rethink whether you have maximized all of your 2016 tax deductions. One of the easiest deductions is to maximize your IRA or Roth contribution. The April 18 deadline is quickly approaching.
For both 2016 and 2017, the contribution amounts are the same for IRA and Roth accounts:
- Maximum annual contribution amount is $5500, under age 50.
- If you are over 50, the maximum annual contribution is $6500.
Once you have maximized your 2016 annual contribution, are you ready to fund your 2017 contribution? Can you fund it fully now to get ahead of the game, or set in place monthly contributions to max out 2017? All of these options are possible.
For individuals that are self-employed, a Simplified Employer Pension (SEP) retirement account may be an option. It allows contributions up to 25% of compensation, with a maximum yearly contribution of $53,000 for tax year 2016, and $54,000 for tax year 2017. Please consult your tax advisor for allowable contributions and eligibility.
By contributing to your retirement account, you can maximize your tax deductions, which in turn is an investment in you and your financial future!
– Michelle Alsobrook, VP Operations
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