First up – Retirement Savings!

Maxing out your retirement savings contribution can be a great way to reduce your taxes. The more you contribute to your retirement account, the lower your taxable income will be. This can help lower your tax bill come April (And of course, help you work towards a great retirement life!)

During 2019, the maximum allowable contribution into a retirement account is $19,000 and into an IRA is $6,000, with additional catch-up contributions allowed for people over the age of 50.

If you need assistance opening an IRA, give my office a call (631) 393-2888!