We are down to a month remaining until your tax returns are due. If you haven’t yet taken action in the following areas, you have up until at least the tax filing deadline to do so:
- Contribute to a Traditional or Roth IRA for 2015. Limit for 2015 is $5,500 with $1,000 catch up for those 50 or older (no extensions). The ability to contribute or deduct the contributions may be limited by your income.
- Contribute to a SEP IRA (including extensions). Limit for 2015 contributions is 25% of covered compensation, up to a maximum of $53,000.
- Making matching and non-elective contributions to a SIMPLE IRA (including extensions).
Important to note, employee deferrals must be deposited within 30 days of when they would have otherwise been receivable to the employee.
As a reminder, if no extension is filed, the deadline to submit 2015 Form 1040 tax returns is Monday, April 18, 2016. The deadline was recently pushed from its usual April 15 deadline due to Washington, D.C.’s celebration of Emancipation Day. In Maine and Massachusetts, the deadline is extended to April 19, due to Patriots’ Day.