5 Last Minute Tax-Tips

Tax Day—April 15—is right around the corner! Are you prepared? If not, don’t worry. There’s still time to get organized and make the most of this tax season. In this article, we’ll share practical tips to help you navigate tax season 2025.  

1. Contribute to retirement accounts  

Traditional IRAs and 401(k)s are tax-deferred, allowing you to lower your taxable income now and pay taxes only when you withdraw funds in retirement. Contributing to traditional retirement accounts or pre-tax accounts saves you money now. Roth retirement accounts, on the other hand, offer tax-free withdrawals in retirement, though the benefits aren’t immediate. While these strategies won’t impact this year’s taxes, tax season is the perfect time to start planning for next year. At 210 Financial, we focus on proactive tax strategies year-round—not just in April. 

Learn More: Your Resource Roundup for Tax Season: 5 Podcasts & Articles to Help You Get Ready 

2. Find the right tax forms  

Start by gathering all your 2024 tax documents and any other necessary paperwork to ensure a smooth and accurate filing process. Here are some key documents you may need: 

• Income statements (W-2, 1099, 1099-NEC) 

• Records of digital asset transactions 

• Bank statements 

• Receipts for deductible expenses 

• Charitable donation statements 

• IRA and 401(k) statements 

• Other important investment records 

A great tip for next year is to stay organized by gathering your tax documents throughout the year. Keeping track of your financial records consistently will help you avoid last-minute stress and ensure a smoother, more confident tax-filing experience. 

Learn More: Gather Your Documents 

3. Understand the deadline to file and when to extend 

Tax Day, April 15, is the deadline to file your taxes and the last day to request an extension. To file for an extension, submit Form 4868. While an extension gives you an additional six months to file, you’re still required to pay any taxes owed by the April 15 deadline to avoid penalties and interest. 

4. File electronically  

You can file your taxes online for free through the IRS e-File system. It’s one of the easiest and most efficient ways to complete your taxes, especially if you tend to procrastinate. Filing online can streamline the process, reduce errors, and help you receive your refund faster. The IRS strongly encourages e-filing for its efficiency and built-in guidance to walk you through each step. 

5. Check in with your advisor  

Remember to check in with your advisor or a trusted financial professional to determine the best course of action for this tax season. They can help you identify tax-saving strategies, maximize deductions, and make informed decisions that benefit you in the long run.  

Meet with an advisor at 210 Financial today!   

Conclusion:  

Tax season doesn’t have to be stressful—with the right preparation and strategies, you can seek to maximize your savings and set yourself up with more confidence. Whether you’re filing now or planning ahead for next year, taking proactive steps can make all the difference. If you have questions or need personalized tax planning guidance, our team at 210 Financial is here to help. Schedule a consultation today and let’s create a strategy that works for you. 

 

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