Savvy Ways to Lower Your Tax Bill

The first option is perhaps the most well-known. If you have (or open) an individual retirement account (IRA), you can choose to make your contributions up until the April 15 tax filing deadline. To do so, you elect to have the money counted as a contribution for the past tax year (make a contribution on April 1, 2021, but count it as part of your 2020 tax return, for example), which is often an option when you electronically transfer the funds to your IRA.
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