Now that 2012 is underway, many are concerned that it is too late to log more deductions for 2011.
For the most part, you’re out of luck: It’s too late to sell those losing investments for a deduction, or donate to a charity for a 2011 deduction. December 31 has passed, and many of your chances to lower your taxable income have passed along with the old year.
However, it’s not too late to squeeze in a couple other tax deductions.
Indeed, you have the opportunity to find new tax deductions if you can contribute to a Health Savings Account or a traditional IRA. You have until April 15 to make contributions to traditional IRAs and HSAs for the previous tax year (this year April 17th). Continue Reading