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11th Hour Tax-Saving Tips, Part 1

The first of 5 ways to save on your taxes: Contribute to a retirement plan.

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Make tax-deductible contributions to an employer-sponsored retirement plan. If your business doesn't have one, create one. Tax-deductible contributions made by your business to an existing employer-sponsored retirement plan can be made up until the due date of your business's tax return, including extensions. And if your business doesn't have a retirement plan in place, you can set one up. A 401(k) plan, or a Keogh Plan, must be in place by the end of the current tax year. A Simplified Employee Pension Plan (SEP) must in place by the due date of your business's current year tax return, including extensions.

SOURCE: Ask the Experts