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You must make your contribution by the filing due date of the return (usually April 15), or the date you file the return, whichever is earlier. An extension to file your return does not extend your time to contribute to your IRA.

Contributions to IRAs must be made by cash. Checks and wired funds are considered to be cash.
You may be eligible to borrow the money from the brokerage house against your stock. This is called margin.
In this way you do not have to sell the stock and you can still fund your IRA.

IRA and pension deductions are based on earnings.
Earnings are subject to payroll taxes, specifically social security, also referred to as self-employment tax for sole proprietors.
If you are not paying payroll taxes on your trading profits, you are not eligible for an IRA deduction or pension plan.
However, you may qualify for a spousal IRA if you income falls within certain limits.

If your combined wages from both jobs exceed $110,100 for the current year and more than $4624.20 was withheld, you are entitled to receive credit for the excess social security paid.
That amount is taken as additional federal withholding on IRS Form 1040, page 2 when you file your tax return and can be refunded.

The current year consists of 6 tax brackets and 6 tax rates.
Income tax rates for individuals for the current year are 10%, 15%, 25%, 28%, 33%, and 35%.
The higher bracket and rates start at $8,701, $35,351, $85,651, $177,651, and $388,351 for a single person;
$17,401, $70,700, $142,701, $217,451 and $388,351 for married filing jointly and Qualifying Widower; $12,401, $47,351, $122,301, $198,0501 and $388,351
for head of household: $8,701, $35,351, $71,351, $108,726, and $194,175 for married filing separately.

Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179.
For a tax year beginning in 2012, the Code Sec. 179 expensing election is reduced to $139,000, with a $560,000 investment-based ceiling (down from $500,000/$2 million).
For tax years beginning after 2012, it will be further reduced to $25,000 with a $200,000 investment-based ceiling.
For a tax year beginning after 2011, expensing can no longer be claimed for qualified real property.
Generally qualifying property is:Tangible personal property (such as machines, equipment, furniture). Certain other tangible property used for specific purposes.
Single-purpose agricultural or horticultural structures.Certain storage facilities. Railroad gradings or tunnel bores.

Taxpayers with AGI under $150,000 (75,000 MFS) will have to pay 100% of their prior tax bill by the end of the year, Taxpayers with AGI over $150,000 (75,000 MFS) will have to pay 110% of their prior tax bill by the end of the year or 90% of the current year tax to avoid an underestimated tax penalty.

Unlike Social Security, there is no limit on wages or earned income for Medicare purposes. Tax rates under the Medicare program are 1.45 percent for employees and employers and 2.90 percent for self-employed persons

Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven.
In 2011, the standard mileage rate(s) for 1/1/11-6/30/11 is business = 51 :The standard mileage rate(s) for 7/1/11-12/31/11 is business = 55.5 :

The value of a custodian account is included in your taxable estate, if you die while acting as a custodian.