It's Not Too Late to Lower Your 2020 Tax Bill -- If You Do This Now

Sam Swenson, CFA, CPA, The Motley Fool
·4-min read
It's Not Too Late to Lower Your 2020 Tax Bill -- If You Do This Now

2021 marks the start of a new accounting period, which in and of itself can bring a flurry of confusion to the average taxpayer. Given that we still have a few months until tax returns are due, it's advisable to think now about how you can lower your 2020 tax liability -- even though 2020 has already come to a close. Below we'll explore a popular way you can lower your taxes due -- contributing to a traditional IRA.