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Claim This Last-Minute Tax Break

It’s not too late to qualify for a tax deduction that could save you more than $1,000 on your 2012 tax bill. All you need to do is contribute to an IRA and then watch your tax bill decrease.

You have until April 15, 2013, to make an IRA contribution that will reduce the taxes you owe for tax year 2012. “It’s one of the last ways to lower your tax bill,” says Charlie Capasso, a certified financial planner for Detterbeck Wealth Management in Charleston, S.C. “We’ll see what the tax liability is projected to be, and then plug in an IRA and see how that changes it.” Workers can contribute up to $5,000 to an IRA in 2012, or $6,000 if they are age 50 or older. Those limits will increase to $5,500 and $6,500, respectively, for tax year 2013.

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