The April 15 tax deadline is about two months away, yet that’s still plenty of time to knock a few dollars off your 2019 tax bill.
The IRS declared tax season open on Jan. 27. The agency expects to receive more than 150 million individual income tax returns for the 2019 tax year.
Some 15.7 million early birds filed their returns during the week of Jan. 31, according to IRS data. Of these, 4.3 million got money back from Uncle Sam, receiving an average refund of $1,869.
If you have time to scrounge around your box of receipts and review the relevant documents you received in the mail, you may have a shot at reducing what you owe.
Here are nine tips to cut your tax bill.
1. Save for retirement
If you can put away money in an individual retirement account, you get the benefit of saving for your future and you may be able to write off the contribution.
In 2019, you can put away up to $6,000 in a traditional IRA. Throw in an extra $1,000 if you’re 50 and over.
Didn’t make these contributions…