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This is the time of year when the phrase "tax deduction" causes people's ears to perk up. As you may be aware, a tax deduction reduces your taxable income which, in turn, reduces the tax you owe or increases the tax refund you'll receive.
While most tax deductions arise from the payment of expenses like unreimbursed employee expenses, big medical bills, or mortgage interest, there's another, far more attractive category of tax deductions: deductions for saving for retirement.
That's right. By playing your cards right, you can save for your future while saving taxes today. Learn how to save taxes while saving for retirement .
Tax Deductions - How to Save Taxes While Saving for Retirement originally appeared on About.com Retirement Planning on Monday, March 1st, 2010 at 14:45:19.
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...Although it's well into 2010, the 2009 limits for retirement plan saving are still highly relevant. This is because the deadline for making retirement contributions to a plan such as an IRA is April 15, 2010. As such, you can still make a 2009 contribution and, potentially save on your 2009 taxes!
One strategy: use your refund to make part or all of your contribution. If you file soon and choose direct deposit of your refund, you'll have a great shot of getting the funds in time for the April 15 contribution deadline.
How much can you contribute? Here are the 2009 IRA contribution limits .
2009 IRA Contribution Limits originally appeared on About.com Retirement Planning on Thursday, March 4th, 2010 at 09:23:05.
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...Although millions of Americans will scramble to make their IRA contributions before the deadline it's an entirely unnecessary exercise. With decent cash-flow planning you can make your IRA contribution anytime. In fact, a 2010 IRA contribution may be made anytime between January 1, 2010 and April 15, 2011.
Furthermore, the sooner you make your contribution the sooner you change the growth in your money from taxable to tax-deferred ([link]) or tax-free ([link]). You only have to move up your contribution once in your life. If you do so successfully, you'll never scramble to make the contribution ahead of the deadline again - you will have already made the contribution - last year.
Ready to make a difference in 2010? Here are the regular IRA . Still haven't quite nailed 2009? Take a look at the Roth IRA .
2010 IRA contribution limits originally appeared on 2009 IRA contribution limits on Monday, March 8th, 2010 at 11:23:50.
Why wait to make your 2010 IRA Contribution? | About.com Retirement Planning | Permalink
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