Planned Giving Tip for January
While 2018 may be over there are still things you can do to help you with your tax returns for that year. You have until April 15, 2019 to make tax deductible contributions to a traditional IRA. You also have until that date to make a non-deductible contribution to a Roth IRA for 2018. While a non-deductible contribution you won’t get the benefit of a deduction, you will begin compounding tax free earnings in the account earlier. With Keogh or SEP plans you may be able to take a filing extension to October 15, 2019 and make your 2018 contributions before that date.
You should also begin gathering the documents you needs to complete your return, such as W-2s, 1099s, mortgage interest statements, ACA documentation and other records. If you added a baby in 2018 don’t forget to file for your child's Social Security card right away. If you don’t have the number in time for filing your 2018 return the IRS says you should file for an extension. While these steps won’t save you taxes directly, it will make filing easier and you may be less likely to miss deductions.