4 Last Minute Tax Tips to Help You Save

Reducing your tax liability and saving more are noble goals and are both still possible.  The key to achieving this double bonus during tax season is to take advantage of annual opportunities before it’s too late. [Please note: all contribution and limit numbers that follow are specific to 2014. If you would like updated numbers for 2015 contributions and limits, please visit www.irs.gov] 1. Fund a current or new traditional individual retirement account (IRA) The quickest and easiest way to lower your taxes and increase your savings is to make a Traditional IRA contribution.  If you already have one, contributing is easy and can be done in a matter of minutes.  If you don’t have an existing IRA and you haven’t yet filed your 2014 return, it’s not too late to get started and meet the 2014 deadline.  IRA contributions can be made up to the time you file your return or no later than April 15th. Contribution limits and deductibility vary based on income and filing status.  Below is quick reference to contribution amounts and filing status variations. Contribution Read on! →