A Few Last Minute Ways to Cut Your Tax Bill Now

With the tax deadline quickly approaching, I just want to reminder everyone that there still may be an opportunity to cut your 2011 tax bill.  Consider these:

  • Regular IRA. You may deduct contributions to a regular IRA made by April 17.  Taxpayers 50 and older can put in a bit more.  There are certain limitations, but worth looking at before filing.
  • SEP IRA and other pension plans for self employed and business. Unlike with regular IRAs, deductible contributions may be made up to Oct. 15 for those with filing extensions.
  • Health Savings Accounts (HSAs). You may deduct up to $6,150 per family ($3,050 single) for an HSA if you had a qualifying high-deductible health plan in 2011. Contributions are due by April 17.

Hope these help!  If you have any questions or need any additional information please do not hesitate to contact us.

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