By Phil Clark, Founder & Wealth Advisor at OmniStar Financial Group
We’re two weeks out from the April 15th tax deadline. Like many Americans, you might be rushing to gather documents, plug numbers into software, and pray for a refund. But let’s be honest—filing your taxes is not the same as planning your taxes.
If you’re just now thinking about taxes, you’re late. But, as the old saying goes, better late, than never! Fortunately, there is still time to take advantage of a few tax saving techniques. Here’s what you can still do before the deadline to save money and avoid leaving opportunity on the table:
1. Fund Your IRA (or Roth IRA)
Still eligible? Fund it. For 2024, the limit is $7,000 (or $8,000 if you’re over 50). If you qualify for a deduction, great. If not, consider a non-deductible contribution with a backdoor Roth strategy—done right, it’s tax-efficient, legal, and smart.
2. Max Your HSA (Health Savings Account)
If you’re covered by a high-deductible health plan this is the most tax-efficient tool in your arsenal. Contributions are pre-tax, growth is tax-free, and withdrawals for medical expenses are tax-free. You can still contribute for 2024 until April 15.
3. Review Last-Minute Deductions—Don’t Assume You Missed Out
- Did you make charitable contributions in December that you forgot to log?
- Did you pay for unreimbursed business expenses or job-hunting costs?
- Did you sell securities at a loss (tax-loss harvesting) you can use to offset gains?
These aren’t just details—they’re dollars.
4. File an Extension—But Don’t Mistake it for a Delay in Payment
If you need more time to get things right, file an extension. But know this: the extension gives you more time to file, not more time to pay. If you owe, pay something now to avoid penalties and interest.
5. Use This Tax Season as a Wake-Up Call
If your tax prep this year felt rushed, stressful, or expensive—it’s probably because your tax planning was nonexistent. Tax planning isn’t something you do in April. It’s a year-round strategy we build with clients to minimize taxes over a lifetime, not just one filing season.
Final Thought:
The IRS doesn’t reward procrastinators or amateurs. It rewards planners. The good news? It’s never too early to start thinking about 2025. This is just a snapshot of how we think, and what we can deliver.
Let us help you shift from tax reaction to tax strategy. That’s what we do here at OmniStar—every day, for those who want to stop losing money to the IRS.
Let’s make April the start of your tax strategy, not the end of it.
— Phil