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(Virginia Beach, VA)  There’s still time to reduce your tax bill by contributing to an existing IRA (Individual Retirement Arrangement) or opening one at a bank or other financial institution.  Liberty Tax urges taxpayers to plan ahead for retirement, and make contributions by the April 18 deadline to take advantage of tax breaks.  IRA contributions may be fully or partially deductible.  If you contributed to an IRA or an employer-sponsored retirement plan in 2010, you may be eligible for a credit.  This nonrefundable credit is based on the return income and can be up to $1,000 per taxpayer. It can be taken in addition to the deduction of the traditional IRA contribution.

Starting in tax year 2010, taxpayers covered by a pension plan can also deduct IRA contributions if they meet the modified adjusted gross income requirements.  A couple filing married filing jointly whose income is under $109,000 can take a deduction, and so can single taxpayers (including head of household filers) making less than $65,000.  The contribution limit for 2010 is $5,000 ($6,000 if age 50 or older). Taxpayers converting traditional IRAs to Roth IRAs are not subject to modified AGI and filing status requirements.


About Liberty Tax Service    

Liberty Tax Service is the fastest -growing retail tax preparation company in the industry’s history.  Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 8,000,000 individual income tax returns.  With 42 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service.    

Liberty Tax Service is the only tax franchise on the Forbes “Top 20 Franchises to Start,and ranks #1 of the tax franchises on the Entrepreneur “Franchise 500.” Each office provides computerized income tax preparation, electronic filing, and online filing through eSmart Tax.  Other services include audit assistance, a money back guarantee, and free tax return checking.

Press Information
For Immediate Release
April 1, 2011 
    CONTACT: Martha O’Gorman
Chief Marketing Officer
(800) 790-3863 ext. 8022