In 2011, taxpayers and their spouses may each be able to contribute up to $6,000 or $12,000 total to their traditional IRAs. Not only will $12,000 help a couple save for retirement, but it often results in a valuable tax deduction. Taxpayers have until April 15, 2012 to make a 2011 contribution and get the tax deduction. SEP IRA’s for self employed individuals can be funded up until the return is filed, as late as October 15!
For more valuable tax and financial tips, visit our website at www.erocktax.com. Please contact us with your tax questions or come see us in person.