Tax Deductions You Can Use After the December Deadline Could Make a Big Difference in Your Bottom Line
Contact: Liane Worthington, Senior Account Manager/ Publicist, WDC Media PR, 866-540-3129 ext. 102, 570-282-5257; for National Christian Financial Advisors
WATERBURY, Conn., Mar. 1 /Christian Newswire/ -- With the April deadline of tax time fast approaching, many people may still have the chance to take tax deductions legally on their 2006 tax returns, according to Hakeem Webb, Senior Investment Adviser of National Christian Financial Advisors (NCFA), who suggests reviewing individual retirement plans for tax deduction opportunities.
"Most people believe that come December 31st all tax information freezes for that year," says Webb, co-founder of NCFA, one of the nation's leading financial service firms. "But there are some instances where you can have sizeable deductions up until you file your return for that year, especially in the area of retirement plans."
For example, Webb says individuals who do not have a retirement plan at work and make an adjusted gross income of $50,000 per year or less, filing as single on their return can contribute $4,000 to their Individual Retirement Account which results in a dollar for dollar deduction. Couples filing jointly as married can contribute up to $4,000 each to their IRAs. Those who are self-employed can open a solo 401K before they file their 2006 returns and benefit from contribution limits as high as $44,000 under age 50 for both unincorporated and incorporated with Adjusted Gross Income (AGI) $150,000, if age 50+ you are able to take an addition $5,000. Those interested should see their financial advisor as soon as possible to determine their options, according to Webb.
Webb, bases his financial services on the words of Christ found in Matthew 6:33, which says "But seek first the kingdom and His righteousness, and all these things shall be added to you." "This means if you put God first, food, shelter, good education for children, successful retirements, and all the other needs will be supplied," says Webb. "So the first step to financial freedom is finding out what specifically God wants you to do and then move in the natural way to meet those goals." of God
NCFA serves individuals, families, pastors and churches with strategic financial planning in the areas of Cash Management, Saving & Investing, Retirement Planning, Education Planning, Estate Planning and Charitable Giving.
For more information about National Christian Financial Advisors, visit www.ncfallc.com or call 1.866.540.3129 ext. 102.