There's Still Time to Reap This Lucrative Tax Break
In March, when the COVID-19 pandemic hit with full force, the IRS made the decision to postpone the tax-filing deadline from April 15 to July 15, giving Americans three more months to get their returns in order. Now that the July 15 deadline is rapidly approaching, many filers are scrambling to get their taxes in order. But as you gather your documents and receipts and sit down to file your return, don't forget that you still have an opportunity to take advantage of one huge money-saving tax break: funding your 2019 IRA.
Normally, you get until the tax-filing deadline to fund an IRA for the year you're submitting taxes for. Had 2019 taxes been due on April 15, you would've had until April 15 to put money into your 2019 IRA. But because the deadline was pushed back three months, you now have until July 15 to contribute to last year's IRA, and doing so could result in a world of savings.
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Source Fool.com
