Tax Deadline Coming Soon

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(NBC News) The April 18th tax deadline is right around the corner, but there are still ways to save money and heartache.

One way is contributing to your IRA.

An IRA contribution of up to $5,500 or $6,500 if your over age 50, between now and the deadline can yield a sizable deduction on your 2016 taxes.

Lisa Greene-Lewis with Turbo Tax says one of the most overlooked deductions is the expense you incur caring for a family member or friend.

“They can’t make over $4,050 in that year, and you need to provide over half their support,” she notes.
Others, she says, include forgetting to deduct state sales tax or personally paid moving expenses you made for a job.

All tax experts say if you can’t meet the deadline in two weeks, ask for an extension.

(NBC News – New York)

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