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The Tax Lady has suggestions to help mitigate 2016 tax liability

 

Last updated 4/15/2017 at Noon



Karyn Vaughn, E.A. Special to Village News

The tax deadline for 2016 returns is fast approaching. Maybe the year’s returns are prepared already and there’s an unexpected balance due, or maybe the returns are incomplete and hiding in a drawer in the office just waiting until the last minute because there might be an unwanted balance due. In either case, there might be options to wrestle with those taxes.

One option would be to contribute to an Individual Retirement Account (IRA) or Simplified Employee Pension (SEP) and take the deduction on the 2016 return. Deposits made befor...



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