How to Reduce Taxes and Enhance Retirement Savings Before the 2025 Deadline

ARTICLE | March 17, 2025

Authored by Vasquez + Company

As the calendar turns to 2025, it might feel like your chance to lower your 2024 tax bill has slipped away. Fortunately, that isn’t necessarily the case. Certain retirement plans allow you to make contributions after December 31, 2024, and still secure valuable deductions for 2024. With proper planning, both individuals and small-business owners can take advantage of these post-year-end contribution windows to reduce tax liability and boost their future nest egg. This article explores key deadlines and plan options so you can determine the best approach for your personal or business situation.

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Contributing to the right retirement plan before your 2025 filing deadline can reduce your 2024 taxes and build a stronger financial future. Whether it’s setting up or funding an IRA by April 15 or leveraging small-business plans that allow contributions to be made alongside your tax return, last-minute moves often come with long-term rewards. To determine the best fit for your unique situation, work closely with your tax and financial advisors. Adjusting your strategy now can help ensure that you take advantage of every available deduction and maximize your retirement nest egg for the years ahead.

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.