3 Moves To Make Before April 15th

RetirementTaxes
Written By Christopher Bauchle

If you think 2023 is over and done with, think again! 

There are numerous ways to dial-in your tax liability and try to increase your savings before the April 15th tax filing deadline! Here are some of the top money moves to make as you begin gathering documents and planning for a potential tax bill or tax refund. 

Ways For Firefighters To Save On Taxes

What’s an IRA anyways? It actually stands for Individual Retirement Arrangement, though most people call it an “Individual Retirement Account.” Here are some of the different types!

Traditional IRA 

  • Receive a tax deduction when you contribute and tax-deferred growth 

  • If you’re an Active Participant in an employer-sponsored retirement plan, you must have a Modified Adjusted Gross Income (MAGI) under the following limits to receive the full tax deduction for 2023: 

    • Single: $73K  

    • Married Filing Jointly: $116K 

Roth IRA 

  • Receive tax free growth on your contributions if your MAGI is under the following: 

    • Single: $138K 

    • Married Filing Jointly: $218K 

 

Backdoor Roth IRA 

  • A known tax loophole to fund a Roth IRA, even if you’re over the income limit 

   

SEP-IRA  

  • If you own a small business, you can have it contribute to a Simplified Employee Pension (SEP) IRA on your behalf. SEPs are easy to set-up and contribution amounts are limited to the lesser of $66K or 25% of compensation 

Christopher Bauchle
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