(Really) Last Minute Tax Deductions

Want to save a few more bucks on your 2018 taxes?

There's still a few things you can do to reduce your upcoming tax bill:

1. Top off your HSA. You have until 4/15 to make HSA contributions for last year. Anything you put in is a tax deduction regardless of how much money you make. The maximum for a family plan is $6900 for 2018.

2. Top off your IRA…maybe. You have until 4/15 to make an IRA contribution for last year (up to $5500 per spouse). If one of the following describes your family, then it would be deductible:

a. You and your spouse are not eligible for a 401k (i.e. your companies don't offer one)

b. You are eligible for a 401k, but your spouse is not AND you made less than $189,000 last year

c. Your adjusted gross income is below $101,000 (married, filing jointly)

3. Top off your Roth IRA…maybe. This won't save you any taxes this year. But if you'll be in a higher tax bracket when you retire, then contributing now will save you taxes in 30 years. (Nothing like delayed gratification, eh?)

There's plenty of missteps you can make doing this on your own. So talk to your "guy" or "gal" before you do anything. And if you don't have one, email us - help@financialzen.com. We'll sort you out.

DISCLAIMER: This publication is for educational purposes only and should not be considered financial, tax or legal advice. These statements have been simplified for illustration purposes. Consult your financial planner or tax advisor for help with your specific situation.