Last Chance Tax Savings - IRA

January:

For the most part, once Tax Season arrives, there isn’t anything you can do about last year’s taxes.

BUT, there’s one strategy still available to you. You can still save on your 2022 taxes by contributing to an IRA before April 18th (tax deadline).

Contributions to a traditional IRA can lower your adjusted gross income and decrease your tax burden depending on several factors, including your income level and whether you (or your spouse) are covered by an employer retirement plan.

If you’re self-employed, contributing to a SEP-IRA can reduce your tax burden to a greater degree.

The Fine Print

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in the entries in this blog (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.