How to cut your taxes, at the last minute

The video discusses strategies for reducing taxes for last-minute filers. It covers contributing to an Individual Retirement Account (IRA), a Health Savings Account (HSA), and a Flexible Spending Account (FSA) to lower taxable income. The video explains the benefits and contribution limits for each account type and provides tips for maximizing tax savings, even if you procrastinated throughout the year.

What is the main focus of the video tutorial?

• Strategies for last-minute tax savings

• Planning a family budget

• Understanding business finance

• How to invest in stocks

What is the maximum IRA contribution for someone under 50 for the year 2022?

• $7,000

• $6,000

• $5,000

• $8,000

How can contributing to an IRA benefit your tax situation?

• It increases your taxable income

• It is not tax-deductible

• It reduces your taxable income

• It has no impact on taxes

What is a key feature of a Health Savings Account (HSA)?

• It is only for retirement savings

• Contributions are not tax-deductible

• It can be used for specific healthcare expenses

• It must be used within the year

What happens to unused funds in a Flexible Spending Account (FSA) at the end of the year?

• They are automatically refunded

• They roll over to the next year

• They are converted to cash

• They are lost if not used