Still Time to Save on Taxes Before April 15 Deadline: Key Strategies to Maximize Savings The April 15 tax deadline is less than two weeks away, and while many Americans may believe it’s too late to take advantage of additional savings, tax experts emphasize that there are still opportunities to reduce taxable income and optimize financial planning. President Donald Trump’s tax and spending plan, passed last summer, introduced retroactive tax benefits for 2025 that could significantly impact filers. These changes, including the permanent extension of the 2017 tax cuts and key provisions from the One Big Beautiful Bill (OBBB), are designed to free up capital for millions of taxpayers and unlock new avenues for savings, reinvestment, and small business growth. One of the most effective strategies for reducing taxable income is maximizing contributions to retirement accounts. Taxpayers can still contribute to traditional retirement funds such as 401(k)s or individual retirement accounts (IRAs) up until April 15, allowing them to take the 2025 tax deduction. For 2025, the 401(k) employee contribution limit is $23,500 (combined pre-tax and Roth contributions), up from $23,000 in 2024. Only pre-tax contributions qualify for an upfront tax deduction, while Roth contributions, made with after-tax dollars, offer tax-free withdrawals in retirement. Workers aged 50-59 or 64+ can make an additional $7,500 catch-up contribution, while those 60-63 can contribute up to $11,250. IRA contribution limits for 2025 are $7,000 for individuals under 50 and $8,000 for those 50 or older. If you have a high-deductible health plan (HDHP), you can also make tax-deductible contributions to a health savings account (HSA) by April 15.#president_donald_trump #one_big_beautiful_bill #irs #tax_experts #richard_pon
