There’s still time to lower your taxes or boost your refund for 2024, financial experts say. Here are some strategies to consider before year-end.
You can boost pre-tax 401 plan contributions, increase withholdings or make payments to the IRS.of 2017, or TCJA, there are fewer ways to reduce your taxes, said certified financial planner and enrolled agent Tricia Rosen, founder of Access Financial Planning in Newburyport, Massachusetts.
"It's tough to get over the standard deduction, especially if you're married," Rosen said. For 2024, the standard deduction is $29,200 for married couples filing jointly and $14,600 for single filers.into 401 plans, up from $22,500 in 2023. Workers age 50 and older can save an extra $7,500 for catch-up contributions.
Depending on your goals, you could weigh"bunching deductions" into a single year to reach the itemized deduction threshold, she said. For example, you could combine charitable gifts for multiple years into a single one rather than making donations yearly.
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