Last minute Tax Tips

Published on Feb 16 2012 // Written By // Taxes

Here are some quick last minute IRA and general tax tips:

•       It’s not too late to get 2012 Tax Returns- If you fund your account by April 15, you can make a retroactive 2012 IRA contribution.

•       Open a New IRA- All contributions are tax-deductable, depending on one’s income, and are available to anyone with no income restriction. Using a Traditional IRA may help lower one’s tax bracket during working years, resulting in lower tax brackets in money withdrawals during retirement years.

•       Money, Money, Money with Roth IRA- Consumers and business owners can withdraw money tax-free at any time. Singles with incomes below $107,000 and married couples with incomes below $169,000 qualify for a Roth IRA.

•       Pay yourself first- Don’t let the government make interest off your money! Paying yourself first allows money to be automatically deposited into one’s retirement fund on a regular basis and increases monthly cash flow.

•       Biz Owners Buy a Car- Business owners can get a bonus depreciation write off for more deductions if purchasing a vehicle in 2013.

•       20% of Income off the Top of Your Taxes- Also, those who are self-employed can use 20% of their company’s net income to max out their retirement plan before April 15th.

 


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About

Tushar Mathur has been blogging about Personal Finance since January, 2007. This has helped him recognize what topics readers like and relate to. The goal is to spot good news-worthy info and get it out to the public as soon as possible. Tushar Mathur maintains this Personal Finance blog called Everything Finance. The blog articles fall under these categories: Investing, saving money, shopping, blogging and making money online. Send an email at tushar@everythingfinanceblog.com

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