Only 25 percent of Americans know this effective tax-saving strategy is legal via CNBCMakeIt
Many if not most Americans are confused about which tax-saving strategies are actually legal, NerdWallet found in a 2019 tax survey it shared with CNBC Make It. As a result, millions of people filing taxes could be missing out on money-saving deductions.
The strategy is actually perfectly legal. Assuming you qualify, you have until the Monday, April 15, tax deadline to contribute to an IRA for the previous year. "Say you're earning $50,000 a year. If you qualify for a deductible contribution and you can put in $5,500, the maximum in 2018 if you're under age 50, that will drop your taxable income to $44,500. If your top tax rate is 22 percent, you're shaving $1,210 off your tax bill, and you're saving for retirement, too."
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