These are some tax saving moves you can make before July 15, sharon_epperson reports. investinyou (In partnership with acorns.)
With only two weeks left until this year's tax filing deadline, now is the time to take the opportunity to make some key moves, which could translate into nice tax savings. The Covid-19 crisis led the federal government to extend the due date for submitting your 2019 federal income tax return to July 15, which is also theYou can contribute up to $6,000 into an IRA and add an extra $1,000 if you're 50 or older.
Depending on your income, you could get a tax deduction on the pretax money you put into a traditional IRA. Roth IRA contributions are made with after-tax dollars.Have a high-deductible health plan with a health savings account? You can stash up to $3,500 if you have individual coverage — or up to $7,000 for family plans. Throw in an extra $1,000 if you're 55 and over. HSA contributions are also tax-deductible.
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