Last-Minute Tax Tips: How to Avoid Overpaying Before the Deadline

As the April 15th tax deadline looms, many Millennials find themselves racing against the clock to file their returns. While time is short, there’s still an opportunity to ensure you’re not overpaying and to maximize your refund. With these last-minute tax tips, you’ll be able to navigate Tax Day like a pro.

1. Take Advantage of Overlooked Deductions

Don’t leave money on the table by missing common deductions. If you’re paying off student loans, you may be eligible to deduct up to $2,500 in interest paid during the year. Freelancers or side-hustlers can deduct expenses like internet bills, software subscriptions, and a percentage of home utilities for a home office. Also, if you’ve moved for work-related reasons, some moving expenses may still qualify for deductions.

2. Claim Tax Credits That Benefit You

Tax credits are even more valuable than deductions, as they directly reduce the amount of tax you owe. For Millennials, the Earned Income Tax Credit (EITC) and the American Opportunity Credit for education expenses are worth exploring. If you’ve made energy-efficient improvements to your home, don’t forget to claim applicable green energy credits.

3. Contribute to an IRA or HSA Before the Deadline

You still have time to contribute to a Traditional IRA or Health Savings Account (HSA) for the previous tax year. Contributions made up to Tax Day can reduce your taxable income and may even boost your refund. For those focusing on financial wellness, this is a win-win strategy.

4. Leverage Tax Software for Accuracy

Filing in a rush increases the chance of missing out on money-saving opportunities. Use trusted tax software like TurboTax, H&R Block, or TaxSlayer to simplify the process. These tools guide you through the filing process, flagging potential deductions and credits while helping you avoid errors. They also offer e-filing options, making it faster and easier to submit your return.

5. Double-Check for Common Errors

Simple mistakes like incorrect Social Security numbers, mismatched bank details, or unchecked filing status can delay your refund. Spend a few extra minutes reviewing your return to ensure accuracy.

With these tips, you can avoid the pitfalls of last-minute filing and make the most of Tax Day. Take a deep breath, stay focused, and get your taxes submitted without overpaying—your wallet will thank you!