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Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Saturday, January 13, 2007

Procrastination Is Expensive

One of the most common questions for tax practitioners is deadlines. People want to know what is the last day they can do this or that. That's often the wrong question.

A savvy taxpayer also asks about first days. A wise investor wants to know what the earliest day is for funding an individual retirement account, health savings plan, or section 529 plan. The answer: January 1. By funding the plan on the first available day, the taxpayer begins to shelter investment earinings up to 15 1/2 months earlier than they would otherwise.

So don't waste another day of 2007. Fund your contributions now. The 2007 limits are:

IRAs (Traditional and Roth): $4,000, plus an additional $1,000 for those who are 50 years old by the end of 2007.

HSAs: $2,850 for single coverage and $5,650 for family coverage, if you have a qualifying high-deductible plan. Taxpayers who are 50 years old by the end of 2007 can contribute an additional $700.

529 College Plans
http://www.savingforcollege.com/kiplinger/plan_details.php

Roth & Company CPAs
Kiplinger

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