Last-Minute Tax Deductions & Credits Before Filing

Tax season is here, and if you haven’t filed yet, you might be wondering: Did I miss any deductions? The good news is that even though the year has ended, there are still ways to lower your tax bill before the April deadline.

At The Accounting Doctor, we specialize in helping individuals and business owners maximize their tax savings. In this guide, we’ll walk through last-minute deductions and credits you can still claim before filing.

1. Make Last-Minute Retirement & Health Savings Contributions

While most tax-saving strategies need to be completed by December 31st, a few exceptions still apply to the previous tax year.

Traditional IRA Contributions: Contributions made up until Tax Day (April 15th) may be deductible, reducing your taxable income.
Health Savings Account (HSA) Contributions: If you’re enrolled in a high-deductible health plan (HDHP), you can still contribute and claim the deduction.

Already filed your return? No problem—you can amend it to include these contributions and lower your bill retroactively.

2. Last-Minute Deductions for Business Owners & Self-Employed Taxpayers

If you’re self-employed, a freelancer, or a small business owner, there are several valuable deductions still available.

Home Office Deduction: If you use a dedicated space exclusively for business, you may be able to deduct a portion of your rent, utilities, or mortgage interest.
Mileage Deduction: Business-related driving is deductible—just be sure to keep a detailed mileage log.
Office Supplies & Equipment: Purchases like software, computers, and supplies may be deductible in full for the year they were bought.

Pro Tip: The IRS expects proof—so keep receipts and documentation organized and accessible.

3. Medical Expenses That May Be Deductible

Significant medical expenses from last year could potentially be deductible, but there are important limitations.

Only the portion of expenses that exceeds 7.5% of your adjusted gross income (AGI) is deductible.
You’ll also need to itemize deductions rather than take the standard deduction to take advantage of this option.

Eligible expenses may include doctor visits, prescription medications, surgeries, and necessary medical equipment.

4. Charitable Donations Still Count

Donations to qualified charitable organizations may reduce your taxable income—even if they were non-cash.

Cash Donations: Contributions made to IRS-approved nonprofits are deductible.
Non-Cash Donations: Items like clothing, furniture, or electronics can be written off at fair market value.
Volunteer Mileage: If you drove to volunteer, you may deduct 14 cents per mile for eligible charitable driving.

Pro Tip: Always get written acknowledgment from the charity to meet IRS documentation requirements.

5. Tax Credits That Reduce What You Owe (Dollar for Dollar)

Unlike deductions, which reduce taxable income, tax credits lower your tax bill directly—resulting in bigger savings.

Child Tax Credit: You may qualify for up to $2,000 per child if you have eligible dependents. A portion of this credit is refundable, which could boost your refund even if your tax liability is low.

Earned Income Tax Credit (EITC): Designed for low-to-moderate-income earners, this credit can significantly increase your refund. Many taxpayers overlook it, so it’s worth reviewing your eligibility.

Saver’s Credit: If you contributed to a 401(k) or IRA, you might qualify for this credit, which rewards you for saving for retirement.

Pro Tip: These credits are often missed, and failing to claim them can mean leaving money on the table.

Don’t Wait—There’s Still Time to Reduce Your Tax Bill

Tax season moves quickly, but there’s still time to maximize your deductions and credits before the deadline.

Not sure if you’ve claimed everything you’re eligible for? Our team can give you a second opinion or assist with your return to make sure you’re not overpaying.

Call us at (628) 732-0025 or visit theaccountingdoctor.com to schedule your free consultation today.