Some familiar last-minute tax strategies are effective at lowering taxable income, such as remembering to top off retirement accounts with maximum annual contributions. SEP (Simplified Employee Pension) IRAs for sole proprietorships are a good retirement account for last-minute filers looking for deductions because you can contribute for the 2018 tax year as late as the regular or extended filing date in 2019. “Other types of plans generally should have been established by December 31, 2018, if you wanted to contribute for the 2018 tax year,” Abo said.

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