Whew! The past year has been a whirlwind for you. You may have a fairytale job, and you’ve been working especially hard, so you can get out there and enjoy yourself like everyone else in town. Unfortunately, your evil “debt sisters” have been trying to distract you and usurp your attempts to save money on your taxes. You don’t want to let them win, but you feel defeated. You wish you had a “finance” Godmother who could magically appear with a solution for you. That’s fantasy. Let’s get to the facts.
You can handle this whole thing yourself, but you’re going to have to make a MAJOR transformation. In fact, you may be unrecognizable to some. Now brace yourself, here we go! This is what you should do:
• Make a contribution to your IRA.
• If you have a traditional IRA, you can put in the maximum you’re allowed, subtract it from your gross income and reduce the amount of money you’ll owe to the IRS.
• You can even file your taxes before you make the contribution.
• If your employer offers a retirement plan, you may not be allowed to max out your contribution, but go ahead and contribute anyway. You’ll still enjoy some savings with your tax filing.
You have the information, so now you can go have a “ball!” Relax and have a good time and meet some “charming” folks. There’s one catch. You have to make the contribution to your IRA before the clock strikes midnight on April 15 or the spell will be broken, and you’ll be left with your tax savings in rags (more at IRS… https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits ). So get out of there immediately and make sure you don’t leave a “tax” slipper behind.
At Achieve Financial Group we may not have a magic wand, but we have some magical advice for retirement planning.
Voila! This plan is a ‘perfect fit’ for you. Now your tax-savings don’t have to turn into a pumpkin and you can live happily ever after…well, at least until next year!