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With just a day remaining until the 2012 income tax filing deadline, there are still a few tax-cutting moves you may be able to make on or before April 15th.
Contribute to a traditional or Roth IRA. You may contribute up to $5,000, or, if you are 50 or older, up to $6,000. Income limits apply.
Remember that traditional IRA contributions are often tax-deductible, but withdrawals are taxable. Roth account contributions aren’t deductible, but qualified withdrawals are tax-free and have other benefits for retirees. For example, the Roth withdrawals don’t raise Medicare premiums or taxes on Social Security benefits, nor do they help trigger the new 3.8% Medicare tax on other investment income.
Contribute to a SEP IRA or other tax-favored pension plan. Taxpayers with filing extensions can make deductible payments to these plans through October 15th.
Contribute to a Health Savings Account. Taxpayers who already set up an HSA by the end of 2012 have through April 15th to make deductible payments if the accounts are linked to an approved high-deductible health plan. They may contribute up to $6,250 per family or $3,100 for individuals.
If you have any questions, contact us at McRuer CPAs.
