Perspective: Save money on your 2019 taxes by starting now
Tax Day is over. But that doesn't mean you should stop thinking about your taxes. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist April 18 at 2:29 PM People hate doing their taxes so much that, as soon as Tax Day is over, they want to retreat from anything related to their returns.
Q: Can I claim my siblings on my tax return, even though I don’t live with my mother, but I do contribute $400 a month toward the bills and expenses for them? Bronnenkant: There are relatively few ways to impact a person’s tax return after the tax year has ended. The IRS permits Traditional IRA and Health Savings Account contributions up until April 15 of the following year. Self-employed individuals on extension can make Simplified Employee Pension plan contributions up until Oct. 15 of the following year. The IRS typically allows for taxpayers who owe money to set up a payment plan, but interest still accrues over this period.
Q: I found out that my wife took zero allowances despite being married with two kids. I changed it to three instead so she would receive a larger paycheck. To counterbalance the increase, I upped our contributions to our respective 403 accounts. Is this a viable option?
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