📅💰Last minute IRA Contribution: Save Taxes & Beat April 15th Deadline 📅💰

As the tax filing deadline approaches, many of us scramble to find ways to reduce our tax bills. Our latest video explores a key strategy that can help: making IRA contributions that count for the previous tax year. We’ll guide you through the ins and outs of this approach, helping you understand how it can impact your taxes and what you need to consider.

🔍 What’s Inside:

IRA Contributions for Tax Savings: Learn how contributing to an IRA before the tax deadline can reduce your taxable income.
Understanding Deductibility: Discover the rules around deductibility of IRA contributions based on your employment status and income.
Income Limits and Phase-Outs: Get to know the income thresholds for deducting IRA contributions, whether you’re single or married.
Traditional vs. Roth IRAs: Understand the differences in tax treatment between Traditional and Roth IRAs.
Strategic Considerations: Explore whether a deductible IRA contribution or a Roth IRA contribution is more beneficial for your financial situation.
🤔 Why Watch?

Smart Tax Planning: Learn a valuable strategy to potentially lower your tax bill in the nick of time.
Informed Decisions: Gain the knowledge to make informed decisions about your IRA contributions and their tax implications.
Empowering Advice: Feel more confident in navigating the complexities of IRA contributions and taxes.
👉 Ready to explore how IRA contributions can impact your tax bill? Press play and join us for a detailed guide to this important tax-saving strategy. Don’t forget to like, share, and subscribe for more educational financial videos!

O’Grady Financial LLC is a Registered Financial Advisor. Information presented on this channel is only for educational and informational purposes. It is not intended to be financial advice for any individual or entity….(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

If you haven’t made your IRA contribution for the previous tax year yet, don’t worry – you still have time to do so and potentially save on your taxes. The deadline for making contributions to an IRA for the previous year is April 15th, so there’s still time to take advantage of this tax-saving opportunity.

Making a last-minute IRA contribution comes with a few key benefits. First and foremost, contributing to your IRA can help lower your taxable income for the year. This means that you may be able to reduce the amount of taxes you owe or even receive a larger tax refund. For those who are self-employed or don’t have access to a workplace retirement plan, making an IRA contribution can provide a valuable tax deduction.

In addition to the tax benefits, contributing to an IRA can help you save for retirement and potentially grow your nest egg over time. Whether you choose a traditional IRA, which offers tax-deferred growth on your contributions, or a Roth IRA, which allows for tax-free withdrawals in retirement, making a last-minute contribution can help you take a step towards reaching your long-term financial goals.

If you’re considering making a last-minute IRA contribution, here are a few things to keep in mind:

1. Contribution Limits: For the 2021 tax year, the maximum IRA contribution is $6,000 for individuals under 50 and $7,000 for those 50 and over. Keep in mind that these limits apply to the total of all of your IRA contributions for the year, so if you have already made contributions, be sure to factor those into your last-minute contribution.

2. Eligibility: In order to make a last-minute IRA contribution for the previous tax year, you must have had earned income during that year. If you’re unsure about your eligibility, it’s always best to consult with a financial advisor or tax professional.

3. Investment Options: Once you’ve made your last-minute contribution, you’ll need to decide how to invest your funds within your IRA. Depending on your risk tolerance and investment goals, you may choose to allocate your contributions to stocks, bonds, mutual funds, or other investment vehicles.

4. Deadline: The deadline for making an IRA contribution for the previous tax year is April 15th. Be sure to make your contribution by this date in order to take advantage of the potential tax benefits.

Overall, making a last-minute IRA contribution can be a smart financial move that can help you save on taxes and boost your retirement savings. If you have the means to do so, it’s worth considering before the April 15th deadline. Be sure to consult with a financial professional to determine the best strategy for your individual financial situation.