April 18th is the deadline for filing your individual tax return for 2022 (or requesting an extension). It is also the deadline for making certain contributions to Individual Retirement Accounts (IRAs) and Roth IRAs.
Today's To-Do: Year-End Inflation and Tax Moves
According to the US Labor Department, U.S. inflation hit a 39-year high of 6.8% last month. Meanwhile, in Washington, Democrats are scrambling to pass their $2 trillion “Build Back Better” spending bill before Christmas. While these two issues may not be directly related, they do offer either an opportunity or perhaps some urgency to act today.
How to Build Equity
Last week, ProPublica released a story that showed a prominent Silicon Valley entrepreneur’s Roth IRA is worth around $5 billion. Yes, that is billion with a “B”, which is about 833,333 $6,000 annual IRA contributions, if you are curious how many years you would have to save to get that much in your IRA.