Stretch Your Dollar: Last-Minute Tax Deductions

Stretch Your Dollar

Your taxes are due one week from today. The deadline was pushed back, but the clock is ticking if you still have financial moves you want to make. We are stretching your dollar with a look at what you can still do to save yourself money.

You have until July 15 to make a contribution to your retirement account – up to $6,000 in a traditional or Roth IRA or $7,000 if you’re over 50.

Now’s also the time to contribute to your health savings account. Throw in some extra money in if you can, up to $3,500 for individual coverage and $7,000 for family coverage.

And within the next week, be sure to set up a payment plan if you owe taxes this year, or come up with a plan of action if you’re struggling.

Remember you need to act if you know you can’t file on time. You can file for an extension that will give you until Oct. 15 to submit your return. However, the extension to file is not an extension to pay any taxes you may owe. You still need to come up with a plan to pay something on time.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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