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Category Archives: Tax Education

What If I Contributed More to My IRA Than Is Allowed?

If you’ve contributed more to an IRA than is allowed by IRS rules, then you’ve made what’s called an excess contribution. As a result, you may be subject to additional taxes and penalties. However, you may have time to correct the excess contribution. And depending on how and when the correction is made, certain taxes […]

5 Questions to Ask During Investment Research

It’s very important to perform the necessary research on any investment to evaluate its legality and the potential for gain/loss. We commonly refer to such research as “due diligence.” Because account holders choose to have more control and responsibility in self-directed retirement accounts, due diligence is key to ensuring you won’t run into major issues […]

2016 Contribution Deadline Fast Approaching

With Tax Day falling on April 18 this year, you have three extra calendar days to file your federal income taxes. This also means the 2016 contribution deadline is extended to April 18, 2017. Why April 18? April 15 falls on a weekend this year, and Washington, D.C. will celebrate a federal holiday, Emancipation Day, […]

New Qualified Plan and IRA Contribution Limits for 2017

Have you begun contributing to your retirement account this year? You may find your contribution options have changed for Tax Year 2017. While most qualified plan and IRA contribution limits remain the same for Tax Year 2017, there are exceptions. Traditional IRA and Roth IRA contribution limits remain at $5,500 for Tax Year 2017, with […]