1. Contribute to an IRA

You can still contribute to a Traditional IRA for the previous tax year until Tax Day.

• Up to $7,000 (or $8,000 if age 50+).

• Contributions may be tax-deductible, which can lower your taxable income.

2. Fund a Health Savings Account (HSA)

If you have a high-deductible health plan, you can still contribute to an HSA for the prior year.

• Up to $4,150 (individual) or $8,300 (family) for 2024 (approximate ranges).

• Contributions are tax-deductible, and withdrawals for medical expenses are tax-free.

3. Maximize Self-Employed Retirement Contributions

If you're self-employed, you may still be able to contribute to:

• SEP-IRA

• Solo 401(k) (contributions may still be possible depending on setup)

These can allow very large deductions, sometimes tens of thousands of dollars.

4. Check for Missed Deductions

People often overlook deductions such as:

• Mortgage interest

• State and local taxes

• Charitable donations

• Medical expenses (above the AGI threshold)

• Student loan interest

5. Claim Tax Credits

Credits reduce your taxes dollar for dollar. Common ones include:

• Child Tax Credit

• Earned Income Tax Credit

• Education credits (like the American Opportunity Tax Credit or Lifetime Learning Credit)

6. Review Capital Losses

If you sold investments at a loss, you may be able to:

• Offset capital gains.

• Deduct up to $3,000 against ordinary income.

7. Contribute to a Spousal IRA

If one spouse doesn’t work, the working spouse can often still contribute to an IRA on their behalf, creating another deduction.

8. Use Flexible Spending Accounts

If you had an FSA, make sure you used the funds before they expired (depending on plan rules).

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✅ Quick rule of thumb:
The two biggest last-minute tax reducers for most people are IRA contributions and HSA contributions.