Apr 15, 2014: Most of us try to maximize tax deductions. After all we'd like to pay Uncle Sam bare bone taxes. On that line we discovered a neat trick that'd double your tax deduction every time you put money into a traditional tax deductible IRA.If you are thinking of contributing to your IRA, then do not use any cash. Instead, you can sell one of your stocks that has declined in value and use that money to fund your IRA. This will enable you to write off a capital loss. In addition, the money that goes into a traditional IRA is tax deductible (for those who qualify). That makes it a double whammy! Happy filing :).
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