“The plans of the diligent lead to profit.” Proverbs 21:5.
Increased contributions to your retirement plans. In 2019, the yearly contribution limit for a Roth or traditional IRA rises to $6,000, and $7,000 for those making “catch-up” contributions. For tax year 2019, you can contribute up to $19,000 to 401(k), 403(b), and most 457 plans, with a $6,000 catch-up contribution allowed if you are age 50 or older. (1)
A Roth account. This is no snap decision; the Internal Revenue Service no longer gives you an opportunity to reverse the decision, and the tax impact of the conversion must be weighed against potential future benefits. Consult a tax or financial professional before making any IRA moves to determine how changes may affect your overall financial picture.
Charitable gifts. The individual standard deduction rises to $12,000 in 2019, creating less incentive to itemize deductions for many taxpayers; however, itemized charitable donations continue ...
