We’ve now reached the mid-point of the year and it’s a great time for a tax tune-up.
Want to lower your 2011 tax bill? The time for action is running out, so consider these tax-savers now.
The tax rules give you a period of 15½ months to make contributions to an IRA for any given year. For example, you could contribute to a 2010 IRA as early as January 1, 2010, and as late as April 18, 2011.
For the first time ever, high-income taxpayers are eligible to convert a traditional IRA to a Roth IRA. Prior to 2010, you could not convert to a Roth in a year in which your modified adjusted gross income exceeded $100,000.