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There isn't much you can do now, in 2013, to lower your tax liability for 2012. One possible way, however, can not only help you save money on your 2012 taxes, but can also help you plan for retirement. I'm talking, of course, about a deductible IRA contribution. 2012 IRA contributions can be made up until April 15, 2013 and, if you meet certain criteria, you can take a deduction for that contribution, thus reducing your 2012 tax liability. If you haven't made an IRA contribution for 2012 and are wondering if you can make a deductible IRA contribution now to help reduce your 2012 tax bill, follow the questions below to find your answer.

Good Afternoon, Does the the (correction of) an excess IRA contribution require a new 5498, reporting the updated contribution amount?...

Good Afternoon I am looking for guidance with the this fact pattern. Account owner,75,died in 2012. 2012 RMD was taken...

The IRS just released the updated version of Publication 970, Tax Benefits for Education (For use in preparing 2012 Returns). It discusses a relatively unknown savings account called a Coverdell Education Savings Account (known as a CESA or ESA). An ESA is set up to pay the qualified education expenses of a child or student, known as a designated beneficiary.

I have a client that is married to an individual that has her green card. He has left his company,...

I HAVE A ROTH IRA AND MY SISTER AND BROTHER ARE CURRENTLY MY BENEFICIARIES. I WILL SOON BE MARRIED. CAN...

Prior to 1958, the U.S. did not provide a pension for its former presidents. George Washington retired to Mount Vernon where he resumed his role as a plantation owner/farmer. Abraham Lincoln did not live to collect a pension. His wife, Mary Todd Lincoln, petitioned Congress for a widow's pension in 1870, five years after Lincoln's death. She was awarded the sum of $3,000 a year.

Under the recent law,the IRS is again permiting an IRA owner at 70.5 years old to make a direct gift...

Retirement planning is about time...and it sure does fly. Maximizing your time and planning early (while thinking about how to minimize risk later in life) is quintessential to any successful plan. This week's Slott Report Mailbag examines ages (particularly ages 59 1/2 and age 70 1/2) as they relate to retirement planning.

Can a husband take a tax-free distribution of $13k from his IRA and gift it to his wife? If so,...