5 Last-Minute Moves To Make Before Tax Season Deadline

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While you have until April 15, 2025 to file taxes for the 2024 tax year, waiting until the last minute probably isn’t the best idea, and the last minute is unfortunately upon you. 

GOBankingRates spoke with two tax experts to find out what tax moves you should be making right now. Here’s a look at five tips they shared to get your taxes filed smoothly, even when last minute. 

Get Started ASAP

“Create both electronic and paper folders to collect and organize your tax documents as they arrive,” said Dina Leader Powers, CPA, CFP, wealth manager at Fairway Wealth Management in Independence, Ohio. “Compare your current year documents to your prior year documents to make sure you’re not missing anything.”

Of course, you might not have the same exact documents as last year.

“Consider whether there are any new documents you should expect for 2024, due to new income items stemming from new investment accounts, bank accounts, a job change, IRA rollover, sale of property, etc.,” she said.

File a Tax Extension

“It’s always a good idea to file a tax extension before filing your tax return, even if you plan to file early,” said Crystal Stranger, JD, EA, NTPI fellow, CEO of Optic Tax. “Filing an extension gives you extra time to file a superseding return to make changes until October, preventing penalties if you later find out something was missed.”

Consider this an insurance policy of sorts, so you don’t have to stress if meeting the April 15 deadline doesn’t go as planned.

Verify the Status of Your Tax Forms

Double-checking your tax forms can save a lot of hassle, especially as you are more likely to make an error if you are rushing. However, you still have time to dot the I’s of your income and cross the T’s of your taxes.

“Verify that all the forms on your tax return are final by the IRS before you file,” Stranger said. “If a form isn’t released as final yet, then if you e-file early, it will be rejected and you might not realize your return wasn’t filed.”

Estimate Your Itemized Deductions

“If you don’t have enough to exceed the standard deduction — single: $14,600, joint: $29,200, head of household: $21,900 — don’t waste your time collecting all the detailed information,” Powers said.

She said the largest components of itemized deduction calculations for most people are medical expenses, state and local taxes, mortgage interest and charitable contributions.

“Other itemized deductions may be applicable to your situation as well,” she said. “Check your prior year tax return, Schedule A, to see what you deducted last year as a starting point.”

Look For Ways To Maximize Your Refund

“Review popular deductions and credits lists to make sure you’re not missing anything that you might qualify for,” Powers said.

There may be a chance you qualify for credits or deductions you didn’t know about. “There may be ways to get more money back that you didn’t realize,” Stranger said. “The tax softwares usually don’t prompt users on this the way they do for federal credits.”

One option is to contribute to your IRA. “You still have until April 15 to make a tax-deductible contribution to your or your spouse’s IRA up to $7,000 — $8,000 if 50 or older,” Powers said. However, she noted that eligibility depends on your income and your or your spouse’s ability to participate in an employer-sponsored retirement plan.

“Additionally, you can still make a tax-deductible contribution to your health savings account (HSA) until April 15, if you have an HSA qualified health plan,” Powers said. “Total contributions — including any employer contributions — are $4,150 for single participants and $8,300 for a family plan.” Those 55 years old and up can contribute another $1,000 to their accounts, she said.

“The HSA is the only ‘triple tax-advantaged’ account in existence,” Powers said. “This means the contributions are tax-deductible, the earnings grow tax-free and the withdrawals are also tax-free, so long as they are used for qualified medical expenses.” She explained that there are no income limitations with an HSA.

You can check the IRS website for tax credits and deductible expenses, but working with a tax professional could also more than pay itself back.

Caitlyn Moorhead contributed to the reporting for this article.

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