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Get ready to meet your tax preparer

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Getting ready for your 2024 tax meeting. Make the most of the dreaded task of filing your income tax return. No one likes paying taxes. And unless you're getting paid to do it, no one likes filing them either. But, tax season presents a chance to uncover planning opportunities that could help put (or keep) money on your side of the table. Here are a few topics to consider as you get ready to meet with your tax preparer or complete your own filing. 1. IRA accounts IRA contributions are one of the few actions you can take after the end of the tax year but before filing your taxes. The deadline to make a contribution to an IRA for the 2023 tax year is April 15, 2024. Consider a 2023 contribution if you haven't already made one, and plan potential 2024 IRA contributions. Note the following contribution limits: 2023 2024 IRA type Contribution limit Catch-up (age 50+) Contribution limit Catch-up (age 50+) Traditional nondeductible $6,500 $1,000 $7,000 $1,000 Traditional deductible $6,500 $1,000 $7,000 $1,000 Roth IRA* $6,500 $1,000 $7,000 $1,000 Questions: What is best for me, a traditional IRA or Roth IRA? Should I consider a Roth conversion? How much can I contribute? *Subject to income limits and filing status. Source: IRS Publication 590-A

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