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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
As federal and state tax filing deadlines approach, you may naturally wonder how to minimize your taxes. Traditional and Roth IRAs are two options that may minimize your total tax bill for 2018 and beyond, and you can open one for tax year 2018 up to the tax filing deadline in 2019.
The current tax reduction can be considerable if you make a deductible contribution of $6,500 to a traditional IRA and are in the 30% combined tax bracket (state and federal taxes), saving $1,950 on your 2018 taxes. These savings add up over time and can benefit you in other areas — especially if you add the savings to, say, your 401(k) plan contributions or 529 plan
college savings.
Like a traditional IRA, the Roth offers tax-deferred potential growth. Unlike the traditional type, the Roth doesn’t mandate minimum distributions at age 70 1/2; you don’t even have to take a Roth distribution during your lifetime. The biggest advantage, however, is the tax-free nature of distributions if you are at least age 59 1/2 and have owned the Roth IRA five years or more.
*https://www.irs.gov/newsroom/irs-announces-2018-pension-plan-limitations-401k-contribution-limitincreases-to-18500-for-2018
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company 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.
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