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There’s still time to lower your 2012 tax bill

Real Estate Tax Talk

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There are only a few days left until the April 15 income tax filing deadline. If you've yet to file, are there any things you can do to lower your tax bill at this late date? You bet there are. Make an IRA contribution If you already have a traditional IRA (Individual Retirement Account), you can contribute to it up to April 15 and deduct the amount from your 2012 income. If you're under age 50 you can contribute up to $5,000. If you're 50 or over, you can contribute up to $6,000. If you're married, you can double the contribution limits. This is true even if one spouse isn’t working. To take advantage of doubling, you must file a joint tax return and the working spouse must earn at least as much as the combined IRA contribution. There are income limits on the deductibility of your IRA contributions if you or your spouse are covered by another retirement plan. If you haven't already established an IRA, you have until 11:59 p.m. Eastern time on Monday, April 15 to open an ...