Another great vehicle for lowering your 2005 income tax bill—to say nothing of planning for the future—is contributing to a deductible individual retirement account (IRA). Unlike most other personal tax deductions, the contribution does not have to be made by December 31 of the tax year. The deadline to open and fund a qualified IRA or make an additional contribution to an existing IRA that can be claimed among your federal tax deductions is the due date of your return, not including any extensions. For 2005, that means April 17 (except in certain Northeast states that have until April 18 to file). Not all IRAs are deductible, so seek tax planning advice or read IRS Publication
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.