HomeFinance NewsPersonal financeTax Deadline Countdown: Last-Minute Hacks for a Fatter Refund or Lower Bill

Tax Deadline Countdown: Last-Minute Hacks for a Fatter Refund or Lower Bill


There’s still time to reduce your tax bill or boost your refund before the deadline — here’s how


With the tax filing deadline rapidly approaching in two weeks, several options remain available to mitigate your tax burden or maximize your refund.

One strategy involves contributing to tax-advantaged retirement accounts.

**Pretax Individual Retirement Account (IRA)** You can contribute to a pretax IRA until the tax deadline, and these contributions can lower your taxable income.

The maximum contribution for 2023 is $6,500, with an additional $1,000 available to those over age 50.

**Roth IRA** Roth IRA contributions are not tax-deductible upfront, but withdrawals in retirement are tax-free.

If you’re in a lower tax bracket (typically around 10-12%), Roth IRAs can be a more beneficial option than pretax IRAs.

**Spousal IRA** This is an underutilized option that allows married couples to contribute to a separate IRA for a nonworking spouse.

The working spouse must have sufficient earned income to cover the contributions for both IRAs.

**Health Savings Account (HSA)** If you have a high-deductible health insurance plan, HSAs offer triple tax benefits: tax-deductible contributions, tax-free earnings, and tax-free withdrawals for qualified medical expenses.

The contribution limit for 2023 is $3,850 for self-only coverage or $7,750 for family plans, with an extra $1,000 available for those over age 55.

By utilizing these tax-saving strategies before the April 15th deadline, you can reduce your tax liability or enhance your refund.

Consider consulting with a tax professional to determine which options are most suitable for your individual circumstances.

  • Overall sentiment: positive
  • Positive

    “With roughly two weeks until the federal tax deadline, there’s still time to reduce an unexpected tax bill or boost your refund”

    “You have until the federal tax deadline for 2023 deposits, which could reduce adjusted gross income”


    “After year-end, investors have limited tax planning opportunities.”

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