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Don’t miss out on facts about IRAs, upcoming deadlines and your tax filing status!

retirement planWhat Are Individual Retirement Arrangements (IRA) and How Can You Get One?

Did you know that you can deposit money into an IRA for retirement through a:

  • bank or other financial institution?
  • life insurance company?
  • mutual fund?
  • stockbroker?

Contributions can be either tax-deductible, matched by an employer, controlled by the employee or tax-free. Distributions can be voluntary or mandatory, and funds can be rolled-over if changing employment. Click here to learn more.

tax form with callculator and glassesOct-15 Filing Extension Deadline Is Near!

More than 14 million taxpayers filed for an extension in 2018 and, although Oct. 15 is the last day for most people to file, some may have more time. They include:

  • Members of the military and others serving in combat zone localities still have more time. They typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.
  • Taxpayers in several disaster area localities who already had valid extensions now have more time to file. Currently, taxpayers in parts of California, North Carolina, South Carolina and Texas qualify for this relief. For details, see the disaster relief page on IRS.gov. However, like other extension filers, these taxpayers were required to pay what they owed by April 18, which was this year’s filing deadline for 2017 tax returns.

Click here for information about how long to keep tax return copies, why you should adjust your paycheck withholding, how to pay balance(s) due and more.

Father and sonFacts About Choosing a Filing Status!

Did you know that your filing status could change during the year? If this happens just remember that your marital status on Dec. 31 is your status for the whole year.

Sometimes more than one filing status may apply to taxpayers. When that happens, taxpayers should choose the one that allows them to pay the least amount of tax.

Claiming the wrong filing status can affect the amount of tax you owe for the year. Learn about the five filing statuses and a description of who claims them by clicking here.

By C Fitts Tax Solutions, LLC Posted in Tax Talk