The April tax filing deadline is quickly approaching, but there is still time to find savings. Making a few last-minute money moves and double-checking for deductions and credits can reduce how much you owe Uncle Sam.
Here are some smart tax strategies that can help you save:
— Fund your health savings account.
— Contribute to an IRA.
— Open a business retirement plan.
— Save on state taxes with a 529 plan.
— Check whether you can itemize.
— Don’t overlook new deductions.
— Review last year’s purchases.
— Claim valuable credits.
— File for an extension.
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Fund Your Health Savings Account
A health savings account is unique in that it comes with triple tax benefits, says Dean Shahan, executive vice president and financial advisor with CapWealth in Franklin, Tennessee. Money deposited into the account is tax-deductible, grows tax-free and can be withdrawn tax-free if used for eligible medical expenses.
You’ll need to have a qualified high-deductible health insurance plan to open and fund an HSA. Then you have until the April tax filing deadline to make contributions for the prior year. For 2025, you can contribute up to $4,300 if your policy covers you alone or up to $8,550 if you have family health insurance.
“Make sure you are designating any contributions as prior-year contributions,” says Shelby Anderson, senior wealth planner with Clark Capital Management Group, headquartered in Philadelphia. Otherwise, the contributions will apply toward 2026 and can’t be deducted on your 2025 return.
Contribute to an IRA
You also have until April 15 to open and fund an individual retirement account. Contribution limits for the 2025 tax year are $7,000 for workers younger than age 50 and $8,000 for workers age 50 and older. As with HSA contributions, you’ll need to designate them as prior-year contributions.
This is an option to consider even if you have a workplace retirement plan like a 401(k). “Some people think they can only do one or the other,” Shahan says. You can have both, but taxpayers with workplace retirement plans have to meet certain income limits to receive the full tax benefit of contributing to a traditional IRA.
While a contribution to a traditional IRA will provide an immediate tax deduction if you’re eligible, you may want to consider contributing to a Roth IRA instead. These accounts don’t offer a deduction for contributions, but money grows tax-free and can be withdrawn tax-free after age 59 1/2.
“A lot of times, the Roth is a more valuable financial tool in the long run,” says Charlie Smith, founding partner of Innovative Asset Advisors Group, a Connecticut-based firm that provides wealth and tax management services.
Open a Business Retirement Plan
If you own a business, you have additional retirement plan options that come with tax-saving potential as well.
Omar Morillo, a certified financial planner and founder of Imperio Wealth Advisors in Miramar, Florida, says he recently helped a couple start a cash-balance pension plan that will result in six-figure tax savings. That’s not within the reach of many taxpayers, but any freelancer, gig worker or self-employed worker can still open their own business retirement plan using a simplified employee pension (SEP) IRA.
“They are able to put a lot more money away as compared to a traditional IRA,” says Zach Ungerott, partner with Hightower Signature Wealth in St. Louis, Missouri.
You can contribute up to 25% of your compensation to a SEP IRA, up to a maximum of $70,000 for 2025. These accounts can be created and funded up until the due date of a business tax return. That means that if someone files an extension, they actually have until October to create and fund the account, Shahan says.
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Save on State Taxes With a 529 Plan
A 529 plan can be used to save for college and other education costs. Contributions aren’t deductible on federal income tax returns, but they may be deductible for state income tax purposes.
“In some states, you can still contribute to 529 plans for state income tax deductions,” Anderson says.
Most states require contributions to be made by Dec. 31 to qualify for a deduction, but eight allow prior-year contributions until April 15. According to Saving for College, an online resource about 529 plans, these states are:
— Georgia
— Indiana
— Iowa (April 30)
— Kansas
— Mississippi
— Oklahoma
— South Carolina
— Wisconsin
Check Whether You Can Itemize
In 2017, the Tax Cuts and Jobs Act nearly doubled the standard deduction and restricted some itemized deductions. State and local tax deductions, known as SALT
, were limited to $10,000, and a number of miscellaneous deductions were eliminated. As a result, most people have claimed the standard deduction in recent years.
“What I’ve started to see is people dismissing the itemized deductions,” Ungerott says.
But it could be a mistake to assume you can’t itemize your 2025 return. The One Big Beautiful Bill Act, which was signed into law last July, increased the SALT deduction cap to $40,000 for taxpayers with modified adjusted gross incomes less than $500,000.
That new, higher SALT cap could mean you could save more on your taxes this year by itemizing, particularly if you live in an area with high property taxes.
Don’t Overlook New Deductions
The One Big Beautiful Bill Act also ushered in a group of new deductions that can be claimed using Schedule 1-A. These include tax breaks for the following:
— Tipped income, up to $25,000
— Overtime income, up to $12,500 or $25,000 for couples filing jointly
— For seniors age 65 and older, $6,000 for single taxpayers or $12,000 for married couples filing jointly if both are eligible
— Car loan interest, up to $10,000
To deduct car loan interest, the vehicle must have been purchased after 2024 and had its final assembly in the United States. Of all the new deductions, Smith says this might be the one most likely to be overlooked. “That’s something I don’t think is on a lot of people’s radar,” he says.
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Review Last Year’s Purchases
You may have made purchases last year that could result in tax savings this spring. For instance, energy-saving updates to your home, such as new windows, doors or installation, may qualify for a credit.
“They’re not tremendously generous, but they have a positive impact,” Morillo says.
Self-employed workers who have a home office should be careful not to overlook any costs that could boost their home office deduction. “Folks don’t always put in the time and effort into calculating all the expenses associated with their homes,” Smith says.
If you aren’t sure what expenses qualify for a home office deduction, speak with a tax professional for guidance.
Claim Valuable Credits
Some tax credits are refundable. That means you could get money back from the government even if you don’t owe taxes. The most common refundable credits include:
— Child tax credit
— American opportunity tax credit
“I do think there is a world in which people miss these credits because they have lower incomes,” Anderson says.
If your income is low enough that you aren’t required to file a return, you should still check to see if you qualify for one or more of these credits. If you do, it will pay to submit a return this April.
File for an Extension
It’s hard to save money on taxes if you are rushing through paperwork to make the April deadline.
“We’re a big proponent of filing extensions to get taxes done correctly,” Smith says.
By filing an extension, you’ll have until October to take your time and ensure you are claiming every credit and deduction you are entitled to receive. If you are self-employed or a gig worker, filing an extension may also give you additional time to contribute to a SEP IRA.
An extension to file isn’t the same as an extension to pay. You’ll still need to pay any taxes owed by April 15 to avoid penalties and interest.
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2026 Guide: 9 Last-Minute Tax Moves You Still Have Time to Make originally appeared on usnews.com