Contributing to an IRA to lower taxes

For those who have procrastinated, the deadline to file 2012 tax returns is looming very close. If you have completed your 2012 tax returns and you owe money to the IRS, you may be able to lower your tax liability by taking advantage of a retroactive IRA contribution. This allows taxpayers to make a contribution to their Individual Retirement Account after December 31 but still include this on their 2012 federal tax return.

However, is this amazing piece of tax advice really as good as it sounds? For the answer and more details read, “IRA tax move not really so wonderful.

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