So, here’s something you may not know about. If you are not happy with the amount you owe for taxes, or the amount you are getting back – there is one more tax deduction you can obtain for the 2018 tax year – AFTER Dec. 31 2018! Its not too late!
Contribute up to $5,500 to a traditional IRA (not a Roth!) to reduce your taxable income. You have up until our April 2019 U.S. Tax deadline to make this contribution in order to be able to deduct it for you 2018 tax year!
Just make sure you claim the deduction for 2018. You can double check the claimed tax year on your official contribution receipt.
The only way its too late is if you have already signed and filed, even then get with your accountant – they might be able to revise it…? I’ve never tried to do that, but it might be possible.
You will never know if you don’t ask!
I am amazed at how much benefit I get from asking those extra questions – the ones that I used to worry would make me into that “annoying” person. But, I gotta say – its worth it.
I’m no CPA or professional accountant. So, if you want more details or verification you will need to check with your CPA.
This post originated at www.brazenhustle.com