Extended Tax Filing Deadline Approaching
There is still time to make contributions to your IRA, Roth IRA and HSA for 2019.
In response to COVID-19, the federal government has not only extended the tax filing deadline to July 15 for the 2019 tax year, they have extended the deadline to make contributions.
This is great news for savers and for those behind on retirement savings. For some the recent stimulus check added to savings accounts. A good use for some of that savings is a contribution to your IRA or Roth.
If you not yet filed your taxes consider a contribution to your IRA and HSA. You will get a tax deduction for those contributions which may decrease the amount you owe in taxes.
If you have already filed, a contribution to your Roth IRA will not affect your tax return and can potentially save on taxes in the future.
There are some limitations so please check with your advisor before contributing.
Take advantage of this extension if you can.
The Varra Team