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Sunday, April 9, 2017

Last Minute Tax Tips

(Editor's Note) This year, Tax Day falls on a Saturday and April 17 is a Federal Holiday in Washington, D.C. So, you have until Tuesday, April 18, to file your federal tax return. This is just the kind of advice you need to complete your taxes this year. Use it to review before submitting your taxes online or if you haven't started yet - get busy! 


Here's a sample of the tips you'll get in this article from Kiplinger's Personal Finance, April 2017:


Contribute to an IRA. If you’re not enrolled in a 401(k) or other workplace retirement plan, you can deduct an IRA contribution of up to $5,500 ($6,500 if you’re 50 or older), no matter how high your income. You have until April 18 to make a 2016 contribution to your IRA. The IRA deduction is “above the line,” which means you can claim it even if you don’t itemize deductions. It will reduce your adjusted gross income on a dollar-for-dollar basis, which could also make you eligible for other tax breaks that are tied to AGI.
Read complete article here.
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