Financial Tips for March: Maximize Your Tax Savings Before Filing

As the tax filing deadline approaches, March is the perfect time to take proactive steps to reduce your tax liability and position yourself for a stronger financial year. Whether you're filing early or still organizing your paperwork, this month offers opportunities to make smart moves that can lead to meaningful savings. Here are three essential tips to help you get the most out of tax season:

1. Contribute to Your IRA and HSA Before the Deadline

You still have time to make prior-year contributions to your Traditional or Roth IRA and Health Savings Account (HSA) — and those contributions could reduce your taxable income.

IRA Contributions:

• You have until April 15, 2025 to contribute for the 2024 tax year.

• The limit is $6,500 (or $7,500 if you're 50 or older).

• Traditional IRA contributions may be tax-deductible depending on your income and whether you're covered by a retirement plan at work.

HSA Contributions:

• If you’re enrolled in a high-deductible health plan (HDHP), you can contribute up to $3,850 for individuals or $7,750 for families for 2024.

• These contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

Making these contributions now helps lower your tax bill while boosting your long-term savings.

2. Gather Necessary Tax Documents Early

Don’t wait until the last minute to collect and organize your tax documents. Starting early helps you avoid mistakes, file faster, and potentially get your refund sooner.

Common documents to gather:

• W-2s from employers

• 1099s for freelance, interest, dividends, or other income

• Mortgage interest and property tax statements

• Charitable donation receipts

• Education expenses (Form 1098-T)

• Childcare costs and dependent care credits

• Retirement account contributions

Keeping these in one place—either physically or digitally—will make your tax filing smoother and less stressful.

3. Look for Eligible Deductions and Credits

Many taxpayers miss out on savings simply because they don’t know what they qualify for. Take time to research (or ask your tax professional about) deductions and credits that can lower your taxable income or increase your refund.

Here are a few to consider:

• Student loan interest deduction

• Education credits (American Opportunity and Lifetime Learning)

• Saver’s credit for retirement contributions

• Child Tax Credit and Earned Income Tax Credit (EITC)

• Energy-efficient home improvement credits

• Self-employment expenses (if applicable)

Every deduction or credit you qualify for puts more money back in your pocket or reduces what you owe.

March is your window of opportunity to make smart tax-saving moves before the April deadline. By contributing to your IRA and HSA, organizing your documents early, and reviewing potential deductions and credits, you’ll be in a strong position to file confidently—and possibly save more than you expected.

Whether you file on your own or work with a tax advisor, the key is to be prepared, proactive, and informed. A little effort now can pay off big by mid-April.

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Note: This information is for educational purposes and should not be considered financial advice. Consult with a financial advisor for personalized guidance.

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