When the holiday season ends and the calendar flips to the last quarter, many taxpayers find themselves scrambling to finish their returns before the April 15 deadline.
Many believe that "last‑minute" signals no remaining time, but a targeted approach can still lower your tax bill, leverage deductions, and prevent costly penalties.
The following practical, expert‑level tactics can be carried out in the closing days of the tax year.
1. Verify Your Filing Status and 中小企業経営強化税制 商品 Dependents
• Ensure you’re using the best filing status (married filing jointly versus separately, or head of household). A straightforward adjustment can reduce your liability by thousands.
• Confirm that all dependents meet IRS criteria, especially for children born late in the year. Even a single dependent can unlock the Child Tax Credit or the Additional Child Tax Credit in full.
2. Maximize Tax‑Deferred Account Contributions
• Traditional IRA: If you’re younger than 50, you’re allowed to put in up to $6,500 (or $7,500 if 50+). Even a $1,000 injection can cut taxable income.
• 401(k) or 403(b): If your workplace offers matching, add a catch‑up contribution before year‑end. Many plans allow an "after‑tax" contribution, which will be taxed later.
• Health Savings Account: If you’re enrolled in a high‑deductible plan, you can add to your HSA up to $7,750 for family or $3,850 for individual. The money stays tax‑free, deductible, and grows tax‑free.
3. Review and Harvest Capital Gains and Losses
• Spot long‑term holdings that have fallen. Selling them can counterbalance gains elsewhere, or cut ordinary income via net loss deductions up to $3,000 annually.
• If you made a "wash sale" (sell at a loss, repurchase within 30 days), fix it to keep the deduction.
4. Don’t Forget "Safe Harbor" Deductions
• {Medical Expenses: If your out‑of‑pocket costs exceed 7.5% of your adjusted gross income, you can deduct the excess. Keep receipts for anything from prescription meds to travel for treatment.|Medical Expenses: When out‑of‑pocket spending surpasses 7.5% of AGI, you may deduct the surplus. Store receipts for everything from prescriptions to treatment travel.|Medical Expenses: If your out‑of‑pocket bills go over 7.5% of AGI, you can claim the excess. Preserve receipts for any item from prescription meds to travel.|Medical Expenses: When your out‑of‑pocket costs exceed 7.5% of adjusted gross income, you may take the deduction