If you think your 2015 tax bill is set in stone, think again. Although it’s true that the tax filing deadline is almost here, you may still have time to reduce your taxes, and boost your retirement savings at the same time!
For those folks who have been considering an Individual Retirement Arrangement (IRA), there’s no time like the present. Believe it or not, you can open an IRA now and have it applied to 2015. You’ll not only be putting money away for retirement, but since most traditional IRA contributions are tax deductible, you’ll likely be helping to reduce your taxable income as well.
In Massachusetts the deadline for making your 2015 IRA investment is April 19, 2016, due to the Patriots’ Day holiday. If you’re making a 2015 IRA investment in another state, the deadline is April 18th. Just be sure to tell your bank that you’d like the IRA contribution applied to 2015, otherwise the funds could be applied to this year.
If you’re interested in setting up an IRA between now and the tax filing deadline, visit the BankFive websiteAs a courtesy, you will be leaving Blog.BankFive.com and going to another website. We have approved this site as a reliable partner, but you will no longer be under the security policy of BankFive.com. Come back soon! to learn more about the benefits of a BankFive IRA, and get the help you need to open your account.
For more information and tips regarding IRA contributions, visit the Massachusetts Bankers AssociationAs a courtesy, you will be leaving Blog.BankFive.com and going to another website. We have approved this site as a reliable partner, but you will no longer be under the security policy of BankFive.com. Come back soon! website. As always, remember to consult with a tax advisor before making any major financial decisions.