Tag: contribute

  • A Non-Working Spouse Can Still Have an IRA

    A Non-Working Spouse Can Still Have an IRA

    It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”…

  • There’s Still Time to Make a Deductible IRA Contribution for 2019

    There’s Still Time to Make a Deductible IRA Contribution for 2019

    Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA…

  • You Still Have Time to Get Substantiation for 2018 Donations

    You Still Have Time to Get Substantiation for 2018 Donations

    If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements…

  • Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

    Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

    Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions…

  • Ins and Outs of Tax Deductions for Donating Artwork to Charity

    Ins and Outs of Tax Deductions for Donating Artwork to Charity

    If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit…