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101 Days Left to Make Contributions to your IRA for 2012

January 5, 2013

The beginning of the year is always a great time to discuss wealth management. To that end, we plan on bringing you a series of informational posts on IRAs and Simplified Employee Pension Plans (SEPs) over the next few weeks so you can start 2013 aware of some asset protection plans available to proprietors of small businesses.

This week in particular we would like to remind IRA owners that the deadline for making IRA contributions for the tax year 2012 is April 15th, 2013. This means you still have 101 days to make contributions to your 2012 IRA!

People often assume that, because the calendar year has ended, they can’t continue making contributions to their IRA for the previous year. However, the IRS allows you to contribute to the previous year’s account up until the normal federal tax deadline. If you make a contribution after January 1st but before the April 15th deadline, you need to be sure to designate the contribution year you intend to target. For most tax filers, this can be accomplished using the worksheets in either IRS Form 1040 or Form 1040a. For 2013 contributions, the federal deadline is set at April 15, 2014.

So, take heart. There’s still time before tax season to speak with a qualified wealth management professional about important tax planning decisions associated with your 2012 earnings.

Check back with us next week to learn more about Simplified Employee Pension Plans or subscribe to the Avanti Reader via RSS for more information on commonly misunderstood wealth management and insurance topics. You can also follow Avanti Business and insurance Services on Facebook or Twitter (@AvantiInsurance) to receive notifications of future posts. Thanks for reading!

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