These breaks are best because they’re accessible to all filers, regardless of whether they itemize.
Health savings account: If you’re eligible, make a tax-deductible contribution to your HSA by April 17.
HSAs have a triple-tax benefit: Contributions are either tax deductible or pretax, savings grow on a tax-free basis and users can make tax-free withdrawals for qualified medical costs.
You can save up to $6,750 in this account if your family is covered in a high-deductible health plan. Contribution limits for self-only coverage is capped at $3,400.
IRA: You can put away up to $5,500 a year in your IRA ($6,500 if you’re over 50) and snag a deduction, provided you meet certain income requirements.
Single filers with a modified adjusted gross income of up to $62,000 ($99,000 for married filing jointly) may deduct up to the amount of their contribution limit. Beyond those thresholds, filers with a modified adjusted gross income of up to $72,000 if single ($119,000 if married) may collect a partial deduction.
SEP IRA: Put away as much as $54,000 into your SEP IRA if you run your own business. Be aware that the amount you can deduct for your own SEP IRA contribution will vary based on your net earnings. You have until April 17 — Oct. 15 if you file an extension — to make a contribution and have it count for 2017.
Source : CNBC
