Last Minute Budgeting Tips 

As the individual tax filing deadline approaches, there’s still time to organize your finances and make strategic moves to maximize your 2024 tax return. While some actions had to be completed by December 31, 2024, here are steps you can still take after the new year to reduce your tax liability:

1. Contribute to Retirement Accounts
   You have until April 15, 2025, to make contributions to a Traditional IRA for the 2024 tax year. These contributions can lower your taxable income and potentially increase your refund.

2. Max Out Your Health Savings Account (HSA)
   If you’re covered by a high-deductible health plan, you can contribute to an HSA up until the tax filing deadline. Contributions are tax-deductible and grow tax-free, offering both immediate and long-term tax benefits.

3. Organize Receipts and Records
   Gather receipts for deductible expenses like medical costs, education expenses, or job-related costs if applicable. Having accurate records can help ensure you don’t miss out on eligible deductions.

4. Verify Eligibility for Tax Credits
   Tax credits like the Earned Income Tax Credit (EITC) or education credits (American Opportunity or Lifetime Learning Credit) can significantly reduce your tax bill. Double-check eligibility criteria and ensure you claim all applicable credits.

5. Adjust Withholding for the Future
   If your 2024 tax situation highlights issues with underpayment or overpayment, update your W-4 to optimize withholding for 2025 and avoid surprises next year.

6. Seek Professional Advice
   Consulting a tax professional or using advanced tax software can help uncover opportunities you might miss and ensure your return is accurate.

With these actionable steps, you can finalize your 2024 taxes with confidence and potentially maximize your refund. Start now to make the most of this tax season!