Congratulations to Carter Hall for being named an Associate Financial Advisor with the firm. Carter joined Nachman Norwood & Parrott Wealth Management Consultancy in 2013 as a Registered Associate and obtained his Certified Financial Planner™ certification in 2015. The news of Carter Hall’s promotion was featured on UpstateBizSC.com, Greenville Business Magazine, and Upstate Business Journal.
Tax deadlines will be here soon!
Springtime means tax time is fast approaching! It pays to take advantage of these tax saving strategies when appropriate and to be aware of the following key dates and deadlines:
Tuesday, March 15, 2016
- Deadline to establish and fund SEP plans for corporations for 2015. This can be a great way to potentially reduce 2015 income.*
- Deadline to fund employer contributions for corporate retirement plans.*
Friday, April 1, 2016
- Deadline to take the 2015 required minimum distribution (RMD) from Traditional IRAs if you reached the age of 70.5 in 2015.
Monday, April 18, 2016
- Deadline to make 2015 contributions to your Traditional IRA, Roth IRA, Health Savings Account (HSA) or Education Savings Account (ESA). For high-income earners, many of these may help reduce your 2015 tax burden.
- Deadline to make your 2015 SC Future Scholar 529 contribution. This can provide a state tax deduction for last year.
- Deadline to establish and fund SEP plans for sole proprietorships and partnerships for 2015.* This is another opportunity to create a tax deduction for 2015.
Beyond meeting these deadlines, it is a good time to revisit the contribution limits to any 401k plans. The 2016 employee deferral limit is $18,000 with an additional catch-up contribution of $6,000 if you are age 50 or over. The catch-up contribution can begin the year in which you turn 50; no need to wait until the actual birthdate.
The team at Nachman Norwood & Parrott is ready to help with any questions. Give us a call at 864-467-9800.
Nachman Norwood & Parrott
Wealth Management Consultancy
*Or at the end of a filing extension