5 Tax Moves You Can Still Make by April 15, 2025 to Reduce Your 2024 Tax Bill

We’re down to the final two weeks before the tax deadline. If you’re a client of ours, there’s a good chance you’re getting an extension (you’re welcome). While the big tax planning wins usually happen proactively, there are still a few reactive strategies you can squeeze in to trim your 2024 tax bill. Let’s dive in:

1. Contribute to a Traditional IRA (Possibly as Part of a Backdoor Roth Strategy)

You can still contribute up to $7,000 (or $8,000 if age 50+) to a Traditional IRA for the 2024 tax year up until April 15, 2025. If you're not eligible to deduct the contribution because of income or coverage, you can still use this as a Backdoor Roth IRA.

🔁 Reminder: The contribution counts toward 2024, but if you do the conversion after Jan 1, 2025, the conversion is reported on your 2025 return — it spans two tax years.

2. Fund a SEP IRA (If You Have Self-Employment Income)

If you had any 1099 or side income in 2024, you can open and fund a SEP IRA — and deduct up to 25% of your net earnings (up to a 2024 max of $69,000). You can do this up until your tax filing deadline, including extensions (as late as Oct 15, 2025 if extended).

📌 Tip: You don't need to have set up the SEP in 2024. You can open and fund it now.

3. Contribute to a Health Savings Account (HSA)

If you were enrolled in a High Deductible Health Plan (HDHP) for any part of 2024, you can still contribute up to $4,150 (self-only) or $8,300 (family) by April 15, 2025.

💡 Bonus: HSA contributions are "triple tax-advantaged" — deductible, grow tax-free, and withdrawals are tax-free for medical expenses.

4. Fund a Solo 401(k) for 2024

If you're self-employed and had a Solo 401(k) established by December 31, 2024, you can still make employer contributions of up to 25% of compensation, with a total 2024 limit (employee + employer) of $69,000, or $76,500 if age 50+.

🛠️ Unlike SEP IRAs, Solo 401(k)s had to be established by year-end 2024, but funding can occur up to the filing deadline with extension.

5. Order a Cost Segregation Study for New Rental Properties

If you bought rental property in 2024, a cost segregation study can accelerate depreciation deductions by breaking out shorter-life assets like appliances, flooring, and landscaping.

📉 Bonus: You may be eligible for 60% bonus depreciation on 5-, 7-, or 15-year property

The Bottom Line

Most of these moves involve retirement contributions — which just happen to be great for your long-term wealth and your short-term tax bill. But remember: last-minute tax moves are better than no moves, and proactive tax planning is where the real magic happens.

We’ve got multiple ways to help you level up your tax strategy:

🧠 High-Level One-on-One Planning

This is the highest value (and highest investment) service we offer. You’ll work directly with me (Vince) to build a custom tax plan. These are reserved for clients with the biggest tax opportunities, and spots are very limited.

🤝 Strategic Advisory

Work with our team quarterly through the year to plan and project your tax situation. You’ll meet 4x annually to strategize and stay ahead. Knowing what you’ll owe — and how to reduce it — is half the battle.

💻 DIY Tax Planning Cohort

If you want the strategies without the full advisory commitment, we’ve got a DIY option: an 8 hour recorded tax planning course you can take, access to ongoing strategy updates, and more for a one-time fee of $149.

Want a little more? For only $16 more , add Group Advisory for $165/month to get full access to our platform and community.

Choose your tax strategy path:

• 👉 Tax Planning Cohort Access – $149

• 🤝 Group Advisory – $165/month

• 📆 Strategic Advisory – Quarterly Team Planning

• 💼 One-on-One with Vince – Schedule a Discovery Call