Tax season 2024 is in full swing, with millions of filers poring over their receipts and forms to see what they can claim.

But while the vast majority of tax deductions, credits and tax breaks must have been from steps you took by Dec. 31, 2024, there are still a few moves you can make right now that will lower your 2024 tax bill.

In fact, you can make deposits into two key accounts through to Tax Day, April 15, 2025, and still have it lower your taxable income for 2024.

“You always want to maximize tax credits because that's the dollar-for-dollar reduction in your tax burden,” says Rob Burnette, investment advisor and professional tax preparer at Outlook Financial Center.

Unlike a 401(k), which is managed by your employer, an individual retirement account (or IRA) is a personal savings vehicle you manage yourself.

Putting money into your IRA can lower your taxes in two ways: If you have a traditional IRA, your contributions are tax-deductible, so you can subtract them from your taxable income for 2024 (Contributions to a Roth IRA aren't tax deductible now but your withdrawals in retirement will be tax-free.)

Here's the key: The IRS allows you to contribute to an IRA until April 15, 2025, and still get the tax break for 2024.

With a health savings account (or HSA), workers with qualified high-deductible health plans can contribute tax-deductible funds to be used for eligible medical expenses. The money grows tax-free and any withdrawals for qualified medical expenses are also tax-free — including copays, deductibles, coinsurance and prescriptions.

Some Americans use their HSAs as a retirement tool because, after age 65, you can make withdrawals for any reason — whether for medical needs or not.

The kicker: Any money you deposit in an HSA through April 15, 2025, is tax deductible for 2024.

Burnette cautions filers that these breaks are not unlimited reservoirs: “For IRAs, both traditional and Roth, you can contribute up to the maximum for that year,” he said.

The traditional and Roth IRA contribution limits for tax year 2024 are $7,000 total among all your accounts.

To help Americans who are behind in their retirement savings, employees 50 or older can make extra catch-up contributions, however: For tax year 2024, the catchup contribution is $8,000 total, a thousand more than the general limit.

The maximum contribution for HSAs in 2024 is $4,150 for single coverage and $8,300 for family plans.

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“If you're in a high deductible health plan, maxing out your HSA makes sense for anybody,” said Burnette, pointing out how it can reduce your adjusted taxable income by thousands of dollars and be used for copays, prescriptions or even some dental and vision costs.

“Before you go purchase those things, put the money in your HSA,” he added. “You're going to get a tax benefit for that.”.

If you’re making off-year deposits into your IRA and HSA, clearly document your transactions so they’re credited to the right tax year.

“If you're writing a check, just make sure you put in the memo box that it’s a contribution for tax year 2024,” Burnette said, encouraging savers to check their accounts later to make sure it was processed correctly.

“Log in to make sure your contribution for 2024 increased by the amount you said was a 2024 contribution.”

If the bank messes that up, he added, “you need to get in touch with customer service and make sure you get that fixed before April 15.”

While the final deadline for IRA and HSA contributions is April 15, 2025, Burnette advises that, as with all things tax-related, don’t wait until the last minute.

“I tell people that the practical deadline is April 1,” Burnette said. It’s safer to leave room for the transaction to clear and be accounted for, he added. “Because these places are getting a lot of transactions in those last two weeks, it's important they have time to process your requests.”

While you can wait until the last minute on April 15 to file your taxes, Burnette says it’s different with these types of deposits because these are banks, not the IRS.

Some institutions may not be able to guarantee they can process your deposit by April 15 if it’s made in that rush period after the start of the month.

What is a tax break?

A tax break is the state or federal government offering you a reduction in your tax liability for the past year. Most come in the form of deductions (which decrease your taxable earnings) and credits (which offer a dollar-for-dollar reduction of your tax bill). Other tax breaks include exemptions and excluding certain types of income from your state or federal tax return.

How late can I contribute to my IRA for the deduction to go toward 2024?

Contributions made through April 15, 2025, can be used as a deduction for your taxable income in 2024. Burnette cautions against waiting past April 1 to make those contributions because of the rush around Tax Day.

What is an HSA?

A health savings account (or HSA) allows workers with qualified high-deductible health plans to contribute funds to be used for eligible medical expenses. The money can be deducted from your gross income and grows tax-free. In addition, withdrawals for qualified medical expenses — including copays, deductibles, coinsurance and prescriptions — are also tax-free.

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Rob Burnette, investment advisor and professional tax preparer at Outlook Financial Center.

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