Did you know that you can still make a contribution to your Traditional or Roth IRA for the 2015 tax year? You have up until the filing deadline (April 17th this year) to do so.
Depending on your age and income, the maximum contribution for IRA’s is $5,500 (under age 50) or $6,500 (over age 50) for the 2015 tax year.
Why put money into an IRA right now? For a Traditional IRA, it could give you a nice tax break – especially nice if you are currently looking at owing taxes on your 2015 return.
On the other hand, the Roth IRA, while not giving you a current tax break, is one of those rare vehicles that allows you to save and grow your money tax free (unlike your traditional IRA or 401k).
If you need more information, or have any questions, I hope you will reach out and contact us.