Last-Minute Tips For Monday’s Tax Deadline

Here we are again. Just a day away from another tax deadline. If you haven’t filed yet, you have until midnight Monday, May 17th, to file. Here are some last-minute tips.

You can still reduce your tax bill

If you’ve been waiting to file because you know you will owe money, you still have a chance to reduce your tax bill. If you qualify, you can contribute to a traditional IRA and/or an HSA. With the traditional IRA, you can reduce your taxable income by up to $6,000 (or $7,000 if you’re 50 or older). You can also reduce individual income by $3,550 with an HSA, or, if have a family HSA by $7,100. Add another $1000 to your maximum HSA contributions if you’re 55 over. Depending on your marginal tax bracket, this can save you a couple of thousand dollars.

Similarly, if you’re self-employed, you can still open and fund a SEP-IRA before the deadline. This deduction can get you the most bang for your buck because you can…