Tags: tax | planning | investments | savings

It's Not Too Late to Make Tax-Saving Contributions to IRAs, HSAs

By    |   Friday, 31 Jan 2014 02:02 PM

There are still steps you can take to save money on your 2013 taxes, even though we're well into the new year.

For example, you have until April 15 to make your 2013 contributions to Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs), CNBC reports.

The IRA contribution maximum is $5,500 for 2013, but the tax deduction starts phasing out at an adjusted gross income of more than $114,000 for single taxpayers. You can contribute to a traditional IRA or a Roth IRA.

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Self-employed people utilize Simplified Employee Pension (SEP) IRAs. You can contribute 25 percent of your adjusted compensation, up to a total of $51,000.

For single taxpayers, HSAs are available for people with health insurance plans that have deductibles of at least $1,250, but no more than $6,250. You use the money in your HSA to pay for medical expenses that aren't covered by insurance.

The maximum HSA contribution for 2013 is $3,250. Money in the account that isn't spent in one year can be carried over to the next.

Trent Hamm, founder of personal finance website TheSimpleDollar.com, lists three reasons why you should file your taxes as soon as possible:

1. "There's more time to deal with problems," he writes on U.S. News & World Report.

2. "You'll receive your refund earlier.

3. "If you have to pay, you'll know exactly how much you owe."

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There are still steps you can take to save money on your 2013 taxes, even though we're well into the new year.
tax,planning,investments,savings
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2014-02-31
Friday, 31 Jan 2014 02:02 PM
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