Contributing To IRA Helps Tax Refund Chances
Many Retirees Now Able To Kick Up Heels
-- For those who still haven't filed their taxes, there are a few last-minute things that they can do to make it easier.
Many retirees are now able to kick up their heels, thanks to solid financial planning that they started years ago. There are several steps that you can take right now to save on this year's tax return, according to NewsChannel5's latest Pro$perity Tax Tips segment.
Many retirees are now able to kick up their heels, thanks to solid financial planning that they started years ago. There are several steps that you can take right now to save on this year's tax return, according to NewsChannel5's latest Pro$perity Tax Tips segment."About the only thing the taxpayer can do at this point after the fact of the conclusion of the tax year is to consider an IRA contribution, an individual retirement account contribution, which you can do up until the 16th of April," tax preparer Greg Younts said.
Tax preparers Greg and Amelia Younts said that contributing to an IRA reduces your taxable income and increases the likelihood of a refund.
Another last-minute tip is to get organized.
"If you think something might be deductible, just bring it in, or call your tax preparer ahead of time, so you make sure there is the full amount of deductions that are allotable to you," Amelia said.
In addition, by paying a professional to help you, the deductions may pay off.
"They're going to look at the specific organization of your return, they're going to make sure that all the information is there, so that you don't get a note in the middle of the summertime from the Internal Revenue Service," Greg said.
If you decide to contribute to an IRA before you file your taxes, there are limits to that amount, WEWS reports. Talk to your account administrator about the rules, because they vary for every taxpayer.
For more free tax advice and IRS forms, go to NewsNet5's Tax Tips Section.
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