Last-Minute Tax Moves to Boost Your Refund Before the Year Ends

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Last-Minute Tax Moves to Boost Your Refund Before the Year Ends

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The year is almost over, but it’s not too late to take control of your taxes and make strategic moves that could save you hundreds or even thousands of dollars. With just one day left before December 31st, there’s still time to review your finances, make key contributions, and take advantage of deductions and credits that directly lower your taxable income. These last-minute steps can help maximize your refund, reduce what you owe, and position you for a smoother, less stressful tax season in 2025. Don’t let the calendar year end without checking off these important year-end tax strategies — a few intentional moves now can have a big impact on your financial outcome.

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1. Max Out Retirement Contributions

Boosting your retirement contributions before year‑end can reduce your taxable income while strengthening your long‑term savings.

• 401(k): You can contribute up to $23,500 in 2025 (pretax or Roth), with an extra $7,500 catch‑up if you’re age 50 or older. Certain plans also allow a “super catch‑up” of up to $11,250 for ages 60–63 if the plan permits.

• Traditional & Roth IRA: Maximum contribution is $7,000 in 2025, with an additional $1,000 catch‑up if you’re age 50 or older.

• Self‑employed? Consider Solo 401(k) or SEP IRA options. Total contributions (employee + employer) for a Solo 401(k) can reach up to about $70,000 in 2025 (plus catch‑up amounts if eligible), and SEP IRAs allow contributions up to the lesser of 25% of compensation or $70,000.

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Even small increases now can pay off through tax savings and compounding growth over ti

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2. Fund Your HSA
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If you have a high‑deductible health plan, contributing to a Health Savings Account (HSA) is one of the smartest ways to save on taxes while preparing for medical expenses. HSA contributions are triple tax‑advantaged: they are tax‑deductible (or pre‑tax if made through payroll), grow tax‑free, and can be withdrawn tax‑free for qualified medical expenses. For 2025, contribution limits are $4,300 for individual coverage and $8,550 for family coverage, with an additional $1,000 catch-up contribution allowed for those age 55 and older. Unlike flexible spending accounts, unused HSA funds roll over year to year, making this not just a short-term savings tool, but a long-term strategy to grow your medical savings and even invest for the future.

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3. Make Charitable Contributions Count

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Donations made by December 31st can be deducted if you itemize. Consider cash, appreciated stock, or items in good condition.

• Keep receipts — the IRS requires documentation
• Donate appreciated assets to avoid capital gains
• Use a donor-advised fund (DAF) to bunch donations for bigger deductions

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4. Review Withholdings and Estimated Payments

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Income changes this year? Check your paystub or the IRS Withholding Estimator to avoid underpayment penalties or overpaying. Business owners: make final Q4 estimated payments now.

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5. Claim Every Credit and Deduction

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Tax credits directly reduce what you owe — some are even refundable. Check eligibility for:

• Saver’s Credit (retirement contributions)
• Education Credits (American Opportunity or Lifetime Learning Credit)
• Energy-Efficient Home Credits (solar, windows, insulation, heat pumps)

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Finish the Year Strong with Vincere Tax

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It’s not too late to make the most of 2025! Vincere Tax strategists can review your income, deductions, and contribution opportunities before December 31st, ensuring you lock in every available tax benefit. From charitable giving to retirement planning and tax-loss harvesting, we help you maximize refunds, reduce what you owe, and start 2026 ahead.

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Schedule a call today with a Vincere Tax strategist and make your year-end moves count.

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