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IRA Contributions to Help Reduce Your 2016 Tax Liability

It is not too late to contribute to certain retirement plans to help reduce your 2016 federal tax liability. As an example, you have until 4/15/17 (the tax filing deadline not including extensions) to contribute to your Traditional IRA to have it counted as 2016 contributions. Based on your tax situation, this contribution may be tax deductible. You can contribute up to as much as $5,500 ($6,500 if age 50 or over) for 2016. There are other retirement plans that may also be available to you depending on your specific tax situation.

Please consult your financial advisor and accountant on all the above information. There are different rules for each type of retirement plan out there so you should review them with a professional before setting up a plan or contributing to one.

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