Retroactive to 2024 Tax Deduction Ideas
- Make a deductible IRA contribution (tests apply) of up to $6,500 per person ($7,500 if over 49) by April 15, 2025 toward 2024 and deduct it in your 2024 return.
- For individuals with qualified health savings plans, make a health savings account deposit of up to $3,850 single or $7,750 for family coverage by April 15, 2025 towards 2024 and deduct it in your 2024 return.
- If self employed, establish and fund a SEP-IRA for 2024 by the extended due date of your tax return and deposit the lesser of $66,000 or 25% of income.
- Some states allow a deduction through April 15,2025 for 2024 contributions to 529 plans. There is no federal tax deduction for 529 plan contributions.
- Small business owners filing a Schedule C may deduct home office expenses from 2024 if they have a place in their home that is used regularly and exclusively for business using either an actual expense allocation or the IRS safe harbor amount.