It's Not Too Late to Reap This Valuable 2019 Tax Break
No matter how much money you earn, your goal is probably to pay as little tax on your income as possible. And a good way to lower your tax burden is to max out your IRA.
If you contribute to a traditional IRA, that money goes in on a pre-tax basis. A $1,000 contribution, for example, shields $1,000 of your earnings from taxes. If you're in the 24% tax bracket, that's an instant $240 in savings.
Now in the coming months, you will, at some point, sit down to file your 2019 taxes. And you may not like what you see when you do, particularly if it turns out you owe the IRS money. But here's some good news: It's actually not too late to contribute to last year's IRA, so if you failed to max out in 2019, you still have a chance to sneak some more money into that account and lower your tax burden in the process.
Source Fool.com
