A Note from Cokie: Some economic experts are saying the US economy will be a long-time in recovery. Others see it beginning to look much better by July.
As of July 3—one day before the July 4th holiday, over 142 million taxpayers filed returns. And while there’s no wiggle room for filing, here are a few things you can quickly consider:
• Favorable tax opportunities don’t often come investor’s way from the IRS, and you have a few extra this year due to the CARES Act. Did you miss your opportunity to ‘refund’ your IRS mandated annual Required Minimum Distribution (RMD)?
You still have a window in time where you can put it back in your IRA by 7/15 or within 60 days. This is good news, especially if you recently withdrew IRA funds that you’d rather not pay income taxes in for 2020.
• Not only was our Tax Day extended, Roth and IRA contribution limits also were extended to 7/15. So, make a contribution today! Don’t wait! All you need to do is make sure your contribution is post marked by 7/15/2020!
Can’t make a $6000 contribution ($7000 if over 50?) by 7/15? Do any amount possible if you are eligible to contribute. Can’t make a contribution by 7/15? Make one for 2020.
• Grab a quick 15 minute FREE consult with me for customized last minute advice to make the most of your investment dollars. I’m here to guide you through this time and into the future.
Years ago, I came across this Chinese Proverb and adopted it as a part of my financial planning tool.
“The best time to plant a tree was 20 years ago. The second best time is now.”
– Chinese Proverb
The best time to begin to invest and save for the future is 20 years ago! But the second best time to create an investment plan is today! Right NOW!
If you missed out on 2019, don’t think in terms of regret! The NEXT best time to take control of your financial future is now! This is the perfect time to become motivated!
Opportunities come and go. Take a free consult and see which ones are available to you today!