Reduce Your Tax Liability with IRA Contributions

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Our tax accountant has finished our taxes. We owe $8900 b/c we didn't estimate enough last year. Can I send $8000 to our SEP account instead to lower our tax liability or have I missed a deadline for the year 2011 contributions?

angrywoman of VA 12:05PM March 27, 2012

Hello Jim,
Great article! And I understand that people with low(er) incomes can get a Savers credit (formerly known as Retirement Tax Credit) of up to 50% of one's IRA contribution. See IRS Tax Tip 2011-36, February 21, 2011 . Please correct me if I'm wrong.
See
http://www.irs.gov/newsroom/article/0,,id=107686,00.html
Twan Philibert

Twan Philibert of CT 8:51AM March 04, 2011