End of Year Tax Moves That Work Well with An Ijara Mortgage

The end of the year is fast approaching for everyone including those with an Ijara mortgage. There’s always a few loose ends to tie together as you prepare for the looming deadline. From making sure that you have all of your retirement planning needs in order to taking a second look at your portfolio and goals for investments, there’s a lot to look at.

We put together a list of important tax dates and some essential retirement planning moves. They should all work together with your ijara mortgage to keep your finances in order.

Properly Itemized

Wednesday, December 26, 2018, is the last day that you can use bonds, stocks or cash to make a charitable donation. Don’t forget that it’s important when you go to claim a charitable donation that you itemize it properly on your tax return. Having an accountant on your team is invaluable whether your finances are Islamic or more traditional.

Monday, December 31, 2018, is another important date that you will want to highlight. That’s the very last day where you’ll be able to sell or buy mutual funds, stocks and bonds. It’s also the last 24 hour period where you can make a Roth IRA conversion.

Industry Leading Resource

Our goal here at ijaracdc.com, is to be an industry-leading resource for all the information that you need pertaining to Islamic loans and other sharia compliant solutions. We are proud of our ability to facilitate riba free financing for community centers and schools because it’s important for us to help invest in the future of our communities.

Of course, we supply excellent information on ijara mortgage requirements. However, we’re also proud to offer our valuable clients a swath of information. We understand full well that tax time is important to Muslims and non-Muslims alike. Here’s some more information on the important dates that you should be watching for.

Accessible Online

Thursday, January 31st 2019 is an important date to because forms 1099-R and 1099-Q will be mailed out on those dates. These forms will also be accessible online. These are important for people who are paying expenses related to retirement plan contributions.

As the deadline for tax filing approaches, Friday, February 15, 2019, will be another important milestone as that’s the day forms 1099 will be ready to go. Understanding these important dates will help you as you get your taxes ready ahead of the Monday, April 15 federal tax filing date. It’s also important to keep in mind that that Monday is also the deadline for 2018 IRA contributions.

Ijara Mortgage and Financial Portfolio

It’s always a good idea to stay on top of important things like your ijara mortgage and your financial portfolio. Everyone has certain investment objectives and goals. The year-end is a great time to rebalance and tweak your portfolio so you can keep these in line.

There’s always new legislation that can affect your taxes. For example, The Tax Cuts and Jobs Act of 2017 might have an effect on your regular taxes and your ijara mortgage.