Last Minute Tips For Your Tax Filing
Here are a few things you should be considering to put yourself in the best financial shape for the rest of this year and beyond.
Contribute to Tax Advantage Accounts: You have until April 18 to fully fund traditional IRAs and Roth IRAs, possibly reducing your taxable income now and providing further protections down the road. This year, each person can contribute $5,500 ($6,500 if you’re age 50 or older) to either type of IRA.
Double-Check Your Withholding: If you’re still working, now is a good time to make sure your employer is withholding the proper amount of taxes. Speak with your tax advisor to determine if you’ve been over or under paying.
Request an Extension: If you’re unable to file your taxes before April 18, file for an extension using IRS Form 4868. You’ll still have to pay taxes due now and may be subject to interest and penalties. But it does give you time to complete the paperwork.
Double-Check Your Deductions: Did you move or have major medical bills this year? You may qualify for additional deductions.
Understand Your Trusts: If you utilize trusts as part of your larger estate and financial plan, now is a good time to make sure they’re properly funded, up-to-date with current legislation and accurately reflect your wants and needs.
Questions? Concerns? Let’s talk. In addition to the core Helmstar team, we can always connect you with industry-leading experts for areas beyond our purview.