How to Best Take Advantage of Summer Tax Day

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Amid all the chaos and anxiety of the COVID-19 outbreak, at least one decent thing has come of it: Tax Day for the federal government, usually in the middle of April, will now come on July 15, 2020. That gives us three extra months to scrape together our receipts, pore over our expenses, and make sure our paperwork is in order so we can (fingers crossed) get good refunds.

The additional time can also help you save money on your taxes, although it will still require you to pony up for something else. Retirement might seem farther away than ever, but it's still a good idea to save as early and as often as possible. Luckily, contributing to your retirement accounts — like a Roth IRA, a traditional IRA, or a 401(k) — can lower your taxable income; it might even knock you into a lower tax bracket.

Before you open an account or dump in the annual limit, read up on which retirement accounts work best for you. If you've left behind a couple of 401(k)s from old jobs, it's time to consolidate them, and to talk with your current employer about contribution matches or other benefits. If you know you set up a retirement account of some sort at one point in time, check in with it to be sure you're getting the best rates. And if you're certain that there's no way it's possible for you save for retirement, don't panic: There is a doable plan out there for you.