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The Joys of Entrepreneurship

There are lots of pros and cons to working for oneself. Making one’s own schedule is definitely on the positive side of the page. Having to pay quarterly taxes out of pocket? Maybe that’s a con, but I usually budget for that so it’s not so bad. Not having a 401(k) to which my employer contributes is not a plus, but thank goodness I can still put money into a ROTH Ira.

Speaking of retirement investments...

(You: Nice segue! Me: Thanks!)

Did you know you have until Tax Day (April 18 this year) to contribute to your IRA for the year 2021 (yes, it’s 2022)? I honestly tried to find an explanation as to why this is and I could not, and I do have a few ideas of my own, but does it really matter? No, I didn’t think so.

Now there are some limitations like contributor age, type of income, and contribution amounts. If you are unsure whether or not you can contribute, before you send off a check (if you don’t know what that is, I’ll explain later), ask your tax professional. If you can contribute, make sure you designate the monies to be applied to last year.

You don’t want to raise any red flags. No sense in getting IRS auditors involved.

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