As the April 15 tax deadline approaches, experts emphasize strategic moves to maximize savings and avoid penalties. Here’s a breakdown of actionable steps based on insights from tax professionals like CPA Dan Geltrude and other trusted sources:
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Contributing to tax-advantaged accounts like by April 15 can lower taxable income for 2024. For those under 50, contributions up to $7,000 (or $8,000 for 50+) are allowed. Geltrude highlights that this is a “legal way to keep more money in your pocket” while preparing for the future.
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– : Deduct costs like supplies or home office use if you earn income from hobbies or freelance work.
– : Claim up to $2,500 in interest paid.
– : Even with the standard deduction, up to $600 (joint filers) in cash donations may qualify.
– : Software or professional service costs are deductible if itemizing.
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– : Reduces errors and speeds up refunds. Geltrude warns that paper filing risks delays and penalties.
– : Verify Social Security numbers, bank details, and math to avoid processing delays.
– : Ensures faster access to funds.
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If unable to file by April 15, (Form 4868). Note: This does not extend payment deadlines. Owed taxes must still be paid by April 15 to avoid penalties. For those struggling to pay, the IRS offers installment plans.
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Geltrude advises seeking a CPA if you have itemized deductions, self-employment income, or major life changes (e.g., marriage, home purchase). “A CPA ensures you’re legally maximizing every deduction,” he notes. Free filing options like are available for straightforward returns (income under $84,000).
### Final Thoughts
Filing early remains the top recommendation to avoid stress, speed up refunds, and reduce fraud risk. Geltrude warns, “Don’t let the IRS hold your money—file as soon as possible”. For those owing taxes, prioritize payments to minimize penalties, and adjust withholdings for 2025 to avoid repeat issues.
