The holiday season is upon us, and while this is a time that we give gifts to those we love, it is also a time to consider giving to those that are less fortunate, as well as to those organizations that serve the needy.

Giving to others in need can have many positive effects on us personally, not to mention the blessing received by the receiver! However, it can also benefit your bottom line and save you on taxes for 2013 if you decide to make a substantial year-end gift to your church or charity before midnight strikes on December 31st!

 

While you technically have until April 15th to make your Roth or Traditional IRA contributions for 2013 if you have earned income, you really should have that done before you file your 2013 tax return unless you want to amend it afterwards!

 

If you are under 50, you may contribute up to $5,500 to your Roth or Traditional IRA. Those 50 and over can put in an additional $1,000 totaling $6,500 for the year.

 

If you are already contributing to a company 401(k) plan, and you want to put more away into an IRA, you'll likely have to use a Roth IRA.

 

Of course, Roth IRAs do have income limitations. To discuss that and other potential options, please give our office a call!

Fitch Financial Partners hopes you are having a blessed December, that you have time to reflect upon the meaning of Christmas and are making time to truly enjoy those closest to you!