April 15 is just around the corner. You can still take a few actions to help your 2018 financial picture, and we have some important advice if you need extra time to finish your tax return.
You can still make a contribution to a traditional or Roth IRA until April 15. Nearly everyone with earned income can make some kind of IRA contribution. If you're eligible to contribute to a Roth IRA (2018 income under $199k if married; $135k if single) you should absolutely do it. Contact us to ensure you check all the boxes. The merits of other IRAs (traditional and nondeductible) are more situation specific, but the window is still open, and we welcome your questions.
Business owners can set up a SEP-IRA and make their initial contribution, or they can contribute to an existing SEP. The SEP-IRA is a special kind of IRA for business owners; it's more flexible than other types of IRA.
If you're eligible to contribute to a Health Savings Account (HSA), you can still make 2018 contributions up to the maximum before April 15. There are a few rules relating to eligibility, the most important being that you're enrolled in a high-deductible health care plan (HDHCP). This contribution deadline is not extended if you extend your filing deadline.
As we said last year (it bears worth repeating), it's worth taking a few minutes to file a thoughtful extension. If submitted properly, form 4868 grants an automatic six-month extension to file your taxes and make those IRA contributions.
