Tax Saving Tips for Your 2006 Return

Retirement Accounts: The deadline to contribute to IRA accounts for your 2006 tax return is April 16, 2007. For traditional IRAs, qualified contributions are typically tax deductible, which can help lower your gross income and save on your overall tax bill. For Roth IRAs, contributions are not deductible but can lead to significant tax savings down the road, when distributions begin.

Itemize: According to the IRS, the largest itemized deduction claimed by most Americans is their mortgage interest. Talk to your Tax Professional to learn more about this and other potential deductions which may help to lower your tax bill. Examples include medical and dental care, charitable contributions, business expenses, tax preparation services, and casualty losses as a result of property theft or destruction. Certain tax ex