Max out their IRA contributions
Contributions to an IRA are always a good idea for those who are eligible, but there may even be beneficial for tax purposes depending on the type of account. For 2021 and 2022, there is a $6,000 limit on contributions to traditional and Roth IRAs. Those age 50 or older can contribute another $1,000. Contributing to a traditional IRA may also be tax-deductible for those who qualify, which could reduce the amount owed in taxes. Contributions to Roth IRAs are never tax-deductible, and if you make too much money, contributions cannot be made.
