The 2019 Tax Season (to file returns for the 2018 tax year) is now full swing, but that doesn’t mean it’s too late to evaluate some last-minute tax strategies that may lower your tax bill for 2018. For 2018, the IRA-contribution-deduction phaseout ranges are as follows:2) Get A Deduction For Making A Contribution To An HSAAnother way that you may be able to lower your 2018 tax liability now is by making a 2018 HSA contribution. Like the deadline for IRA contributions, the deadline to make a 2018 HSA contribution is April 15, 2019. Note that while filing an extension does not extend the deadline to make a traditional IRA contribution, it does extend the deadline to make a SEP IRA contribution. You can use deductions to lower the amount of income that you pay tax on, or you can use credits to lower your actual tax bill.

Source: Forbes February 20, 2019 21:56 UTC