Last-minute tax savings strategies to make now
Tax and investment expert
The deadline for filing 2022 tax returns is (for most people) just days away. But it's not too late to make moves to help reduce your tax obligations.
DON'T MISS: Tax Deadline Has Been Extended Until July For Certain States
In his "Ask the Hammer" video series for
Levine explains that it isn't too late for many people to save on their 2022 taxes if they contribute to certain retirement accounts before
3 Ways to Trim Your Tax Bill
Among Levine's last-minute tax-saving strategies:
If you are eligible to make a traditional IRA contribution and to have that contribution be deductible, most individuals would be able to do that up until
If you are a business owner, you may be able to contribute to a plan for yourself through your business. That might be a SEP IRA contribution or a profit-sharing contribution.
Levine says that while not a retirement account per se, Health Savings Account, or HSA, contributions can be made until the filing deadline as long as, in 2022, you were enrolled in a high-deductible, HSA-eligible health insurance plan.
Watch the full video with Levine on
Levine adds, "the only other thing you can do now to reduce your tax liability for last year is be organized. Being organized is underrated as a way to reduce your taxes — not because of what you did, but because of reporting what you did in the most accurate manner and getting all the deductions you should be entitled to."
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In some parts of
Regardless of whether one is affected by the disasters, all filers are able to extend their deadline on the
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