It's not too late to reduce last year's tax burden
Tuesday, March 09, 2010The W-2 and 1040 forms are flying, so it must be income-tax-filing season. A Penn State Extension money-management educator says it's not too late to do something today that can make your 2009 tax filing less "taxing." Federal tax law permits people who fall within income guidelines to establish and fund an individual retirement account, or IRA, to reduce their taxable income by paying into that account. And Robin Kuleck, Penn State Cooperative Extension director in Elk County, said an often-overlooked tax provision lets you reduce your 2009 tax bill by making a contribution to your retirement fund even after the calendar year has ended. (more)















