2016 IRA Contributions -
It's Not Too Late!
there's still time to make 2016 contributions to your IRA. The
deadline for such contributions is April 18, 2017.
If the contribution is
deductible, it will lower your 2016 tax bill. But even if it
isn't, making a 2016 contribution is likely a good idea.
Tax-advantaged retirement plans like IRAs allow your money to
grow tax-deferred - or, in the case of Roth accounts,
tax-free. But annual contributions are limited by tax law, and
any unused limit can't be carried forward to make larger
contributions in future years.
This means that, once the contribution deadline has passed,
the tax-advantaged savings opportunity is lost forever. So
it's a good idea to use up as much of your annual limit as
The 2016 limit for total contributions to all IRAs generally
is $5,500 ($6,500 if you were age 50 or older on December 31,
2016). If you haven't already maxed out your 2016 limit,
consider making one of these types of contributions by April
Deductible traditional. If you and your spouse
don't participate in an employer-sponsored plan such as a
401(k) - or you do but your income doesn't exceed certain
limits - the contribution is fully deductible on your 2016 tax
return. Account growth is tax-deferred; distributions are
subject to income tax.
Roth. The contribution isn't deductible, but
qualified distributions - including growth - are tax-free.
Income-based limits, however, may reduce or eliminate your
ability to contribute.
Nondeductible traditional. If your income is too
high for you to fully benefit from a deductible traditional or
a Roth contribution, you may benefit from a nondeductible
contribution to a traditional IRA. The account can still grow
tax-deferred, and when you take qualified distributions you'll
be taxed only on the growth. Alternatively, shortly after
contributing, you may be able to convert the account to a Roth
IRA with minimal tax liability.
Want to know which option best fits your situation? Contact
us. Call us at
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,