The tax filing deadline is just about here, but if your employer staffs low-income earners, it wouldn’t be a bad idea as a benefits manager to encourage a filing extension or a last-minute contribution to an IRA—that is, if the worker hasn’t yet filed their taxes.

Here’s why. The IRS allows for an individual to take a tax credit of up to $1,000 ($2,000 if filing jointly) for making contributions to an IRA or employer-sponsored retirement plan. The credit reduces the amount of income tax retirement savers may owe.

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