Even though 2024 is over, you can still take steps to reduce your tax bill before the April deadline. Learn what last-minute moves you can make to save on taxes.
🔗 To learn more about the steps to help save taxes over your lifetime, visit elevate-wealth.com and click "Let's Talk!"
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Although it's almost March, there's still some steps you can take now to impact your 2024 tax return. Learn how today on Elevate Wealth. Hi, I'm Brian Rosso, and I'm joined again here with Deanne Rosso, our president and CEO. Hello, Brian! Hey, Deanne. So the tax deadline is really fast approaching, but there's still some things that you can do to both impact and potentially lower your 2024 tax bill, so what are some of those things? Yeah, that's right. A lot of times people think the calendar flips January 1 and everything you could have done for tax planning for the previous year is done. But there are quite a few things that you can still do up until April 15th or when you file your tax return. So a couple of those things are you can still make IRA contributions up until April 15th. IRA, traditional IRA, Roth IRA, or a combination of the two. You still have until you file your tax return, or at the latest April 15th, to make those contributions for the prior year, so that's one thing you could do. You could also contribute to 529 accounts for your kids' education. 529 accounts are very state-specific as far as what the rules are, and the tax deductibility, but in the state of Georgia there is a state tax deduction up to $4,000 per individual depositing for a beneficiary that you can deduct on your state tax return. So a married filing jointly couple for example could deposit $8,000 into a 529 for one of their children, deduct that on their state income tax return, and you've got until April 15th of the year, of this year, to do that to take advantage of that for last year's taxes. So another thing to think about is it's always fun this time of year when people get bonuses maybe that they earn from the prior year, and while that is taxable in this current year, what you can do is kind of to go back to the first point that I made if you hadn't made an IRA or a Roth IRA contribution for the prior year, you could use some of that bonus money I talked in a prior video about planning for raises and bonuses. So make sure you have a plan for how you're going to use that money before you get it because otherwise cash just tends to evaporate. Another thing that you can do on this last point is if you're a business owner you still have some time to make retirement plan contributions, so particularly if you're a small business owner, self-employed, you can open a SEP IRA and fund that SEP IRA up until October 15th if you extended your tax return. So those are just some things to keep in mind ... IRA contributions SEP Ira contributions, 529s all of those things are still available to make contributions to up until April 15th or October 15th if it's a SEP.Okay, so you do really still have a lot of flexibility even after the end of the year if you haven't filed your tax return. Absolutely you do. If you want to learn more, we're here to help, so visit elevate-wealth.com and click "Let's Talk!"
