Although the calendar year of 2018 is over, there are still a few tax deductions you can take advantage of that are retroactive. Although not all of these will be available to everyone, it’s a good idea to review your options.
If you have a health savings account and haven’t contributed the maximum amount for 2018, you still have time! Although you can do this through payroll deductions, it can be topped up to the maximum allowable for the previous year by the time you file your taxes. Contact your HSA administrator to obtain instructions on how to contribute for 2018.
Have you funded an individual investment account for 2018? Keep in mind, there are adjusted gross income limits for contributing to these type of accounts. The AGI limit is higher for a Roth IRA. Don’t forget that an account can be funded for a non-working spouse, assuming the household income falls below the AGI limits. Whether you prepare your own taxes or have a tax preparer help you, the tax software will be able to tell you the amount you can contribute to an IRA (or not).