Still trying to save for retirement? You still can while saving money on your taxes! Taxpayers can contribute to an Individual Retirement Arrangement (IRA) and claim that contribution on their 2018 tax return. Taxpayers with a traditional IRA may be eligible for a tax credit or deduction on their 20

An IRA is designed to help employees and self-employed individuals save for retirement. Most working taxpayers are eligible to start a tradition or Roth IRA or add money to existing accounts. Contributions to a traditional IRS are usually deductible and distributions from that account are generally taxable. For a contribution to be eligible for your 2018 tax return, contributions must be made by April 15^th, 2019.

Taxpayers can file their return claiming a traditional IRA contribution before the contribution is made. The contribution must then be made by the April Due date of the return. While contributions to a Roth IRS are not tax deductible, qualified distributions are tax-free. In addition, low-and-moderate-income taxpayers making these contributions may also qualify for the Saver’s credit. Generally, eligible taxpayers can contribute up to $5,500 to an IRA for 2018. If you are 50 years or older at the end of 2018, the limit increases to $6,500.

If you need help filing your 2018 tax return or help to decide which tax deductions are best for you, Polston Tax can help! Our team of tax accountants and tax lawyers know which options work best for you. Give us a call at 844-841-9857 or click below to schedule a free consultation.