SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Christopher R. Hibbard, ChFC®, CRPC®, CFS®
Vice President, Wealth Management
Teachers Investment Services
Located at Teachers Federal Credit Union
5439 Sunrise Highway
Holbrook, NY 11741
Phone: 631-698-7000 Ext. 6020
Email: christopher.hibbard@lpl.com
CRPC conferred by College for Financial Planning.
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.
661563
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Christopher Hibbard is a financial advisor with, and 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. Teachers Federal Credit Union (TFCU) and Teachers Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Teachers Investment Services, and may also be employees of TFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, TFCU or Teachers Investment Services. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.