Here’s a great way to save for retirement and the IRS is helping you do it. Typically if you contribute funds to an IRA, a taxpayer can claim an above the line deduction for their contribution. A contribution may also make a taxpayer eligible for the retirement savings contribution credit. Listen below for details on how a contribution to an IRA will save you money on taxes.
So how is the IRS helping the taxpayer with IRA contributions this year?
Due to Emancipation Day (a holiday in the District of Columbia) taxpayers have a few extra days to make contributions to an IRA. The holiday falls on April 15th, and the IRS will be closed that day thus moving the date for making contributions to an IRA (and filing your tax return). Be sure to speak to your tax advisor to see how an IRA contribution can benefit you.
The Tech Accountant