Tax season is here, and if you haven’t filed yet, you still have time to maximize your refund or reduce what you owe.
The IRS offers various deductions and credits that could save you hundreds—if not thousands—of dollars, but only if you act fast.
Before you hit “submit” on your return, check out these six last-minute tax moves that can put more money back in your pocket.
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1. Max out your IRA contributions
If you haven’t contributed the maximum to your Traditional or Roth IRA, now is the time. You can still make contributions for the previous tax year until Tax Day and potentially lower your taxable income.
This is a great way to maximize your retirement savings while taking advantage of tax benefits. Thanks to the power of compounding, even small contributions can add up over time.
2024 limits:
- $6,500 ($7,500 if you’re 50 or older)
- Traditional IRA contributions may be tax-deductible
- Roth IRA contributions won’t lower your taxable income but grow tax-free
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2. Maximize a last-minute HSA contribution
