April News To Know
Important Tax Due Dates
2022 Tax Deadlines are upon us. This year, tax day is April 18th in most states, with the extension date of October 17, 2022. If you haven’t started on your taxes for 2021, now is the time.
The following contributions to be made by April 18th, for 2021
2021 IRA Tax Contributions are allowable until the tax deadline of April 18th. As a reminder, if you’re saving for retirement via a Roth or traditional IRA and plan to make a contribution to your retirement fund, you need to do so by the tax deadlines. Additionally, keep in mind the 2021 dollar limits as well as the maximum contribution amount for either type of IRA, which is $6,000, or $7,000 if you’re age 50 or older.
Did you know that if you didn’t contribute the maximum to your HSA (Health Savings Account), you are still eligible to contribute until April 18th for a 2021 tax deduction. So, if you are filing an extension, it’s important to talk to your CJBS team member to review your HSA and possibly minimize your tax liability while there is still time to do so before the deadline.
For self-employed individuals that looking to save additional tax dollars and who have an established solo 401k or SEP IRA, additional employee/employer contributions can be made by the tax return due dates (including extension). For individuals with a solo 401k which was not adopted until January 1, 2022 or later, there is welcome news: The business owner can make employer profit sharing contributions by the same respective tax deadlines. Please call your CJBS team member with any questions.