If you did not contribute the 2012 maximum to your IRA by December 31, 2012, and you make any IRA contributions before April 15, 2013, tell your bank or other trustee that these 2013 contributions are for 2012 until you reach the $5,000 limit ($6,000 if you’re 50 or older). You can then deduct these 2013 amounts on your 2012 tax return for a quicker tax benefit. For details, contact us.
Recent Posts
- Navigating Massachusetts Tax Incentives: Opportunities for Small Business Owners
- 5 Proven Strategies to Improve Cash Flow Management for Small Businesses in Dracut, MA
- When Compliance Becomes a Growth Strategy: Rethinking the Role of Your Accountant
- The Financial Benefits of Outsourcing: How Virtual CFO Services Save Time and Money
- Mid-Year Financial Check-Up: Ensuring DCAA Compliance Before It’s Too Late