I'm having my taxes done for 2007 and it appears I'm going to owe the IRS approximately $460 this year and I owe the state of CA $370. I'm a single, W-2 wage earner.
A couple of quick questions:
1) Is it too late to contribute to my 401k or Roth IRA for 2007? (I don't normally contribute anything to my 401k, but my firm puts in $5,000 or so per year). FYI, so this doesn't get tagged as SLOWLANE...my company is made up of 5 real estate developers and our 401k is used as a tax shelter essentially, nothing more.
2) If it is not too late, if I put in $$$ iin either the 401k or Roth or both, would that offset the $830 I owe in taxes? I assume its not a one-to-one ratio and that its based on reducing income, but figured I would ask and maybe someone could assist me.
3) Is there any way to calculate how much I'd need to contribute to offset the taxes? I'd rather pay myself than Uncle Sam.
A couple of quick questions:
1) Is it too late to contribute to my 401k or Roth IRA for 2007? (I don't normally contribute anything to my 401k, but my firm puts in $5,000 or so per year). FYI, so this doesn't get tagged as SLOWLANE...my company is made up of 5 real estate developers and our 401k is used as a tax shelter essentially, nothing more.
2) If it is not too late, if I put in $$$ iin either the 401k or Roth or both, would that offset the $830 I owe in taxes? I assume its not a one-to-one ratio and that its based on reducing income, but figured I would ask and maybe someone could assist me.
3) Is there any way to calculate how much I'd need to contribute to offset the taxes? I'd rather pay myself than Uncle Sam.
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