IRS has extended the deadline for personal tax filings from April 15 to July 15. It has also extended the deadline for contributing to your 2019 IRA. So, if you haven’t contributed, you still have time.
Trying to decide whether or not to contribute to your IRA?
Consider how much of an impact the economic shutdown has already had on your finances.
If you are among those who lost their primary source of income—whether from a job or a business—this may not be the time. Instead, it’s time to focus your energy and your resources on taking care of yourself and your family. You need to bridge the gap until you know how you’ll stabilize your income and start to rebuild.
But if you still have financial stability, from a job or a business, think about maintaining the momentum of regularly contributing to your IRA. It’s a pillar of a secure retirement.
If you have questions about filing taxes for your business, please contact a representative at Milikowsky Tax Law today!