Significant Deductions That You Can Still Make After the End of the Year

There are tax deductions available for taxpayers even if paid after year end.

Individual Income Taxes:

IRA Contributions
Eligible taxpayers can fund IRAs through April 15, 2015 and still get a tax deduction for the contribution on their 2014 tax return.  The annual contribution limit is $5,500 for taxpayers under 50.  Taxpayers over 50 are allowed an additional $1,000 catch-up contribution.  Tax deductible contributions can be limited if you or your spouse are covered by another retirement plan.

HSA Contributions
Taxpayers who have a HSA type of health insurance plan can fund their Health Savings Accounts through April 15, 2015 and still get a tax deduction on their 2014 tax return.  

IRA Distributions
Taxable distributions from an IRA that are not a required minimum distribution, can be rolled back into an IRA within 60 days of the distribution date to avoid the penalty on the distribution and to eliminate the tax.

Business Income Taxes:

Company Retirement Plan Match
Business owners have until the extended due date of their company tax return to fund retirement plan matching contributions.  Often this will allow business owners to maximize the deduction by deferring the funding until cash flow permits.