O2 CPA Consulting Group, LLC

More updates from the SBA regarding the Paycheck Protection Program. Visit our website for current information. https://www.o2cpaconsulting.com/blog/

Are you still looking for ways to reduce the taxes you owe for 2018? If you qualify, it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and claim it on your 2018 tax return. You must make the contribution by 4/15/19 (in some areas, 4/17/19). Qualified contributions to one or more traditional IRAs are deductible up to the contribution limit or 100% of the taxpayer’s compensation, whichever is less. For 2018, the contribution limit is $5,500, or $6,500 for taxpayers age 50 and up by the end of the year.