Below are a few ways one can use the IRA contribution regime to help save taxes as well as enhance one’s retirement nest egg. Still Time to Make IRA Contributions for 2016: The maximum IRA contribution is $5500 or $6500 if over the age of fifty and will remain the same for 2017 contributions. The deadline for making IRA or Roth IRA contributions for 2016 is April 18, 2017. Don’t Forget About Spousal IRA Contributions: Many married taxpayers are not aware that if one spouse is not working and the other spouse has earned sufficient income, the working spouse can make IRA contributions for the nonworking spouse. For sole proprietors or small business owners looking to make more substantial IRA contributions than $5500 or $6500, if over the age of 50, the SEP IRA could be your answer.

Source: Forbes March 21, 2017 19:30 UTC