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Here are a few tips that will help you lower your IRS bill and avoid tax-related hassles down the line. Max out your retirement plan contributions. … Report all of your income. … Keep accurate records. … Hold investments for at least a year and a day. … When in doubt, ask a professional, contact TAX2Go today!

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than: $5,500 ($6,500 if you’re age 50 or older), or. your taxable compensation for the year, if your compensation was less than this dollar limit.