REMINDER: 2018 Extension Payments, HSA Contributions and IRA Contributions

TAX RETURNS vs. TAX PAYMENTS:  What is due?

  • Your tax payment is due by April 15th.  Your tax return does not have to be filed by 4/15 as long as we have filed an extension.
  • If we have prepared your taxes in the past, and your taxes are not complete – rest assured, we have filed an extension for you, you do not need to do anything, or sign anything.

** IF YOU OWE TAXES — Your TAX PAYMENT is due by April 15th.  Your filing date can be extended, but not the payment **


EXTENSION PAYMENTS:

If you would like to make a tax payment for April 15th, please contact us ASAP.  We will be happy to help you with this.  If you had a tax review completed by us for 2018, please refer to the notes from that meeting for our instructions on what you will need to do by 4/15.

If you have questions, please email:  darrellynn@mybbd.com.  He can get your questions to your BBD Accountant in Charge.

HEALTH SAVINGS ACCOUNTS (HSA) for 2018HSA Image

  • Funding for 2018:  Your 2018 HSA contribution needs to be funded by 4/15/19.  HSA contributions can not be extended with a personal tax extension.
  • Family Plan:  The max contribution for a family plan is $6,900.
  • Individual Plan:  The max contribution for an individual plan is $3,450.
  • Age 55+:  If you are 55+, you can add an additional $1,000 to your contribution.

NOTE:  Make sure you qualify to make a HSA contribution prior to making a 2018 contribution.

IRA’s and ROTH IRA’s for 2018 – Personal ContributionsIRA - Image

  • IRA Contributions:  The max IRA contribution is $5,500.   If you are 50 and older, you can an additional $1,000.   The IRA must be opened and funded by 4/15/19.  This contribution can not be extended with a personal tax extension.
  • ROTH IRA Contributions:   The max ROTH IRA contribution is $5,500.   If you are 50 and older, you can an additional $1,000.   The IRA must be opened and funded by 4/15/19.  This contribution can not be extended with a personal tax extension.

NOTE The due date of 4/15 DOES NOT apply to SEP’s and 401K contributions.  Those contributions can be extended with the due date of the Personal or Corporation tax return.