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Breta Grumbois, CRPC®
Vice President, Wealth Management
Fibre Financial Group
Retirement and Investment Services
Located at Fibre Federal Credit Union
822 Commerce Avenue, Longview, WA 98632
Phone: 360-414-4223
Email: bgrumbois@fibrecu.com
March/April 2025
Still Time: Reduce Your 2024 Tax Bill
One simple move can lower your tax bill and increase your retirement savings. Contributing to an eligible retirement account by the April 15, 2025 income-tax deadline will reduce your 2024 taxable income by the amount you contribute.
Individual Retirement Account (IRA)
An IRA offers you the flexibility to choose various investments to hold in your account. For 2024 and 2025, you can contribute up to $7,000 to an IRA – $8,000 if you're age 50 or older. You must have "earned income," including money from wages, salaries, tips, bonuses, commissions, or self-employment, to contribute to an IRA. Your spouse can contribute to an IRA as well.SIMPLE IRA
A "Savings Incentive Match Plan for Employees," or SIMPLE IRA, is a retirement savings plan designed for small businesses with 100 or fewer employees. Employers must match employee contributions dollar for dollar – up to 3% of an employee's compensation – or make a fixed 2% contribution for all eligible employees, even if an employee chooses not to contribute.As with a traditional IRA, you can contribute to a SIMPLE IRA until April 15, following the end of the tax year, and benefit from the tax deduction.
Solo 401(k)
Solo 401(k) plans are designed to cover a business owner with no employees and his or her spouse. You can make elective deferrals of up to 100% of your earned income, or the annual contribution limit, plus employer nonelective contributions of up to 25% of compensation.Contributions can be made until the company's tax return deadline, including extensions.
Financial and tax professionals can help you determine which plan is right for you.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Fibre Federal Credit Union and Fibre Financial Group Retirement and Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Fibre Financial Group Retirement and Investment Services, and may also be employees of Fibre Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Fibre Federal Credit Union or Fibre Financial Group Retirement and Investment Services. Securities and insurance offered through LPL or its affiliates are:
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