Last-Minute Ways to Save on Your Federal Tax Return

As tax deadlines approach, consider taking advantage of a few last-minute tips to save money on your taxes:

Save for the future.

You may be allowed to deduct up to $5,500 ($6,500 if you're 50 or older) in last-minute traditional IRA contributions made by the filing deadline — for 2017, the deadline is April 18.

Invest in your health.

Last-minute contributions to heath savings accounts (HSAs) may be deductible if they are made by the filing deadline and meet certain eligibility rules. For the 2017 calendar year, you can contribute $3,400 for an individual with self-only high-deductible health plan coverage and $6,750 for a family with family high-deductible health plan coverage, plus an extra $1,000 catch-up contribution allowed if you'll be 55 or older by the end of the tax year.

File for an extension.

If you believe you qualify for deductions but still need to gather paperwork, you can file for a six-month extension. But make sure you file for the extension by April 15.

Apply for a payment plan.

Can't afford to pay what you owe? If an installment plan would be beneficial to you, consider submitting the IRS' Online Payment Agreement Application.

Even if the tax deadline is nearing, you may still have time to save money on your federal tax return. Read more tips on filing your taxes this year.


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