Exact(6)
Make deductible contributions to a Traditional IRA.
And since the joint tax legislation would still let individuals take deductions for charitable donations, states might let people make deductible "donations" in exchange for a state tax credit.
Not everyone is eligible to make deductible IRA contributions, however.
Now is the time to make deductible charitable gifts and harvest losses in your taxable stock portfolio.
If you cannot make deductible contributions into a traditional IRA because you don't meet the eligibility criteria, investigate making Roth IRA contributions instead.
Similarly, a business owner may set up a company within the PPLI policy to hold intellectual or other valuable property of the business, and then make deductible expense payments to that business which is absorbed by the PPLI policy.
Similar(54)
Insurers are experimenting with how to make deductibles and co-pays more effective in keeping costs down.
"Some people will implement tax strategies just to keep their income below $150,000," Mr. Block said, like making deductible contributions to qualified retirement plans.
Well-paid workersparticularly those in their 40s, 50s and 60soften have substantial pretax money sitting in IRAs, either because when they switched jobs, they rolled a pretax 401(k) balance into an IRA or because they made deductible contributions before Congress slapped on income limits or before they earned too much.
Service members who are in a combat zone during the year should include their nontaxable combat pay when determining earned income limits for making deductible contributions to a traditional IRA or for making contributions to a Roth IRA.
Make dividends deductible to corporations, but taxable to the individual as regular income.
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