Even though last year is done, there are still some potential ways that you can actually save on last year’s taxes. These are just some last-minute tax deductions that we might be able to take to keep a little bit more of what we make.
Dave Zoller, CFP®

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Last-Minute Tax Deductions Before You File

As the tax filing deadline looms closer, many taxpayers scramble to find ways to minimize their tax liabilities. Luckily, there are still some last-minute tax deductions that can help reduce the amount you owe to Uncle Sam. By taking advantage of these deductions, you can potentially save thousands of dollars. Here are a few deductions you should consider before filing your taxes.

1. Individual Retirement Contributions
If you have an individual retirement account (IRA), you have until the tax filing deadline to make contributions for the previous tax year. By contributing to your IRA, you not only save for retirement but also qualify for a tax deduction. The maximum contribution limit for 2020 is $6,000 ($7,000 if you are 50 or older). This deduction can save you a significant amount of money, so make sure to take advantage of it if possible.

2. Health Savings Account Contributions
Contributing to a Health Savings Account (HSA) is an excellent way to save for medical expenses while enjoying tax benefits. Similar to IRA contributions, you have until the tax filing deadline to make HSA contributions for the previous tax year. For 2020, the maximum contribution limit is $3,550 for individuals and $7,100 for families. By contributing to your HSA, you can reduce your taxable income, resulting in a lower tax bill.

3. Student Loan Interest Deduction
If you’ve been repaying student loans throughout the year, you can deduct up to $2,500 in interest paid on those loans. This deduction is available to both itemized and standard deduction filers. To claim this deduction, ensure that you meet the income eligibility requirements. Even if you don’t itemize, this deduction can potentially lower your tax liability, so make sure to include it in your tax return.

4. State Sales Tax Deduction
If you live in a state with no income tax or had significant purchases such as a car or boat, you may be eligible to deduct your state sales tax. This deduction can be beneficial, especially for those who itemize deductions. You can either keep track of your actual sales tax or use the IRS’s sales tax calculator to estimate your deduction. Be sure to include this deduction if it applies to you.

5. Charitable Contributions
Donations made to qualified charities are tax-deductible, so if you made any last-minute charitable contributions, be sure to include them in your tax return. Keep track of receipts or acknowledgment letters from the charities as proof of your donations. Whether you donated money, clothing, or household items, these contributions can reduce your taxable income and potentially result in a lower tax bill.

Take Advantage of These Deductions
While time may be running out, it’s not too late to benefit from these last-minute tax deductions. By maximizing your allowable deductions, you can potentially save a significant amount of money on your tax bill. Keep in mind that tax laws can be complex, so consulting with a tax professional or utilizing tax software can help ensure that you take advantage of all available deductions. Don’t miss out on these opportunities to reduce your tax liability before you file your taxes.