Once the new year has begun, there are few things you can do to impact your income tax burden for the previous year. However, one thing you can do from a tax planning perspective is open and fund an individual retirement account (IRA) on or before April 15. If you already have an IRA, make an additional deposit up to the allowed limit. Not all IRAs are deductible, so before you open one, you may want to get tax advice and planning guidance from a qualified financial planner. To find a certified financial planner in your area, visit the Certified Financial Planner Board of Standards Web site, and use the search tool.
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