Happy New Year!
With an eventful 2017 behind us, it’s time to start thinking about tax season. Just as in every other year, there will be a handful of documents that you can expect to receive. Below is an outline of the mailing schedule that Wells Fargo Advisors has established for some of the more common documents:
It’s not too late to contribute!
Was the end of 2017 busier than you were expecting or were you undecided if you wanted to open and fund an IRA? In either situation, don’t worry; you can still make a contribution for 2017!
Per the IRS, you actually have until you file your taxes (up to the tax deadline — no extensions), to open and/or contribute to your IRA. If you are under 50 years old then you can make a contribution up to $5,500 and if you are 50 years old or older (limited at 70 ½) you can make an additional $1,000 catch up contribution which would make your annual total $6,500.
Also, keep in mind that you can still make a non-deductible contribution to your IRA even if your income exceeds the deduction limits.
Give our office a call to get your 2017 contributions processed while you still have time!
Other things to consider for 2018
The start of 2018 marked the implementation of new tax policy for Americans. While working with your CPA for your 2017 taxes, take the opportunity to set a plan to help minimize your tax burden.
We’d also like to encourage you to update our team with any changes for the year that may impact the way we advise on your investment planning so we can continue to help you reach your goals. In our discussion, we’ll also address any of your other planning needs, from income generation, insurance, beneficiaries, charitable donations, etc.
We’re looking forward to hearing from you, and are wishing a happy and prosperous 2018 to all.