6 Last-Minute Tax Moves That Can Save You Hundreds

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. Make a last-minute HSA contribution

If you have a high-deductible health plan (HDHP), contributing to a Health Savings Account (HSA) is one of the easiest ways to lower your tax bill. Your contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

Plus, unlike Flexible Spending Accounts (FSAs), your HSA funds roll over each year, making it a great long-term savings tool for healthcare costs.

2024 limits:

• $3,850 for individuals
• $7,750 for families
• $1,000 extra for those 55+

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3. Claim the saver’s credit

Are you’re earning under $73,000? You may qualify for the Saver’s Credit, which provides a direct credit of up to $1,000 ($2,000 for married filers) just for contributing to a 401(k), IRA, or other retirement account.

This is a dollar-for-dollar reduction of your tax bill, so don’t miss out! Even a small contribution can help you qualify for this credit, effectively putting free money back in your pocket.

Your credit amount depends on income and contributions—higher contributions mean bigger savings. Don’t overlook this easy way to grow your retirement fund while cutting your tax bill.

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4. Deduct your charitable donations

If you made last-minute donations before December 31st, you may be able to deduct them from your taxable income—but only if you itemize deductions.

Even small charitable contributions can add up, reducing your overall tax burden.

Qualifying donations include:

• Cash or check donations
• Clothing, furniture, or vehicles given to charity
• Expenses from volunteering (mileage, supplies, etc.)
• Donations to qualified nonprofits, including religious organizations and disaster relief funds, may also count toward your deduction.

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5. Write off business expenses

Self-employed? Freelancer? Even if you work a side gig, you can deduct business-related expenses and reduce your taxable income. Maximizing these deductions can free up more cash to reinvest in your business or retirement savings.

Eligible deductions include:

• Home office costs (pro-rated for business use)
• Mileage for business-related travel
• Internet and phone expenses for business use
• Courses or certifications related to your work
• Professional advisory fees, such as consultations with financial planners, tax professionals, or investment advisors, may also be deductible.

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6. Check for overlooked tax credits

Many taxpayers miss out on valuable tax credits that could slash their tax bill or increase their refund. These credits can provide significant savings, often reducing taxes owed dollar for dollar.

Here are some commonly overlooked tax credits:

• Earned Income Tax Credit (EITC) – Up to $7,430 for low-to-moderate-income filers
• American Opportunity Tax Credit (AOTC) – Up to $2,500 for eligible education expenses
• Child and Dependent Care Credit – Up to $3,000 per child for daycare expenses
• Even if you don’t owe taxes, some credits are refundable, meaning you could still get money back in your pocket.

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Don’t leave money on the table!

Tax season may be stressful, but a few last-minute steps can help you keep more of your hard-earned money.

Maximizing IRA and HSA contributions, claiming overlooked tax credits, and deducting business expenses can all add up to big savings.

Before filing, double-check these strategies to ensure you’re getting the biggest refund possible—then use that extra cash to take a well-deserved vacation and reward yourself for maximizing your return!

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