The IRS May Still Let You Lower Your 2021 Tax Bill

New Year's Day 2022 has come and gone, but you might still have a chance of lowering your 2021 tax bill. Although most tax-related items for 2021 locked in place when the calendar year turned, you still might be able to use a traditional individual retirement account (IRA) to lower your 2021 tax bill, well into 2022.

If you're eligible to contribute and to deduct your contributions into a traditional IRA, then the IRS may still let you lower your 2021 tax bill before you file your taxes by April 15. The opportunity isn't open to all people, however, and in some cases, you may be able to contribute but not deduct your contribution. Still, if you can make it work, then it could provide a great chance to both save for your future and reduce what you need to pay to Uncle Sam today.

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Source Fool.com