Extended Tax Deadline Opportunities
Tomorrow, July 15, is the extended deadline for 2019 tax returns. Of equal significance, until tomorrow individuals have the ability to move assets to tax-sheltered accounts. The extension for filing tax returns also applies to the deadlines for contributing to Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs).
This is important because time is of the essence; as this article notes, “once you’ve missed the deadline for contributing to a certain tax year, you’ve lost the opportunity to get those dollars in the account, growing tax-deferred in an IRA, or tax-free in a Roth IRA or HSA.” The opportunity to participate in tax-advantaged accounts is one that can significantly benefit investors and may contribute immensely to wealth creation in the context of holistic portfolio management.
Read more on this subject here
- Anthony Winkels is Managing Partner and Wealth Advisor at Fortis Wealth Management
