Last minute tax savings with retirement

Just because the year ended (2019) it doesn’t mean that you cannot take on more #tax deductions. If you know that you will have a tax liability and didn’t have enough time or money to take on additional tax #deductions, then you’re still in luck. You have until your tax return deadline to make deductions. If you’re a corporate entity your tax deadline is March 15 and April 15 for individuals.

Open a retirement account or contribute to your existing accounts.

Traditional retirement accounts like 401(k), Individual Retirement Accounts (IRA) or Simplified Employee Pension IRAs (SEP IRA) offer tax savings for most individuals. Contributions to those accounts reduces your taxable income therefore reducing your tax liability. If you’re self-employed the SEP IRA can be very lucrative depending on your business circumstances.

There are other options of investment/retirement accounts that can help you a great deal with tax savings. It is best to have a meeting with your financial advisers for more details.

If you are self-employed is it very important to contact your financial adviser due to the technicalities of making last-minute arrangements and the circumstances of your cash-flow

 

If you need assistance with your office finances or taxes feel free in contacting us at Business Solution Center | [email protected] | 956-466-4503 in Brownsville Texas.

 

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Eeliffee Garcia