Are there still choices to decrease my 2024 taxable income?If you qualify, you can make tax-deductible contributions to an individual retirement account or a health savings account by the April 15 tax due date and have them apply to tax year 2024, said Eva Simpson, vice president of member worth, tax and advisory services with the American Institute of Certified Public Accountants.You can contribute up to$7,000 to a traditional I.R.A. for 2024 and an additional$1,000 if you're 50 or older, the I.R.S. states. The size of your deduction depends on a number of aspects, such as your filing status and whether you or your spouse, if you are wed, is covered by a retirement strategy at work.Contributions to H.S.A.s are likewise tax-deductible, if you have a particular kind of health insurance strategy with a high deductible. If you're eligible, you can contribute as much as $4,150( including any company contributions)for 2024 if you have individual coverage, plus an extra$1,000 if you're 55 or older, by the filing deadline.Is there a tax break for college cost savings accounts?There's no federal tax deduction for adding to 529 college savings strategies, however some states offer deductions or credits on your state taxes. The majority of them require the contributions to be made by the end of the fiscal year to certify, however 8 (Georgia, Indiana, Iowa, Kansas, Mississippi, Oklahoma, South Carolina and Wisconsin )let you make contributions up until the tax deadline and get

a tax break for the prior year, according to the website Saving for College.What if I'm not ready to file my tax return?You can get an extension until Oct. 15 by filing Kind 4868 by the April deadline.But note: An extension gives you more time to submit, but it does not give you additional time to pay if you owe tax, Ms. DiMaggio said. You should estimate what you owe and send out a payment with your extension type. Otherwise, you may face penalties on the balance due for paying late– 0.5 percent of the tax owed for each month the expense remains unsettled, as much as an overall of 25 percent. That can add up. If you owed$10,000, your charge would be$ 50 a month, until the overall reached$2,500. Source