2013 tax season tips
(BPT) - It’s tax season and, as always, there are many new rules that can create traps for the unwary. But with a few tips and tricks, you can help minimize your taxes and maximize your overall long-term financial position.
Consider the following five tax tips from Robert Fishbein, vice president and corporate counsel, Prudential Financial, who has more than 25 years of experience in tax law.
1. Last minute retirement funding - You can still make a $5,000 2012 contribution to your traditional or Roth IRA, or $6,000 if you attained age 50 during or before 2012. If self employed, you can likely contribute a larger amount to a SEP IRA. The contribution must be made on or before the due date of your tax return, and you should indicate it relates to the 2012 tax year.
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