Mistake 5: Neglecting Last-Minute HSA & IRA Contributions
You have until the tax filing deadline—April 15, 2026—to lower your 2025 taxable income by contributing to certain retirement and health accounts. This is one of the few ways to retroactively lower your tax bill.
Health Savings Account (HSA)
If you had a high-deductible health plan (HDHP) in 2025, you can max out your HSA. This deduction is powerful because you don’t need to itemize to claim it.
- Self-only coverage limit: $4,300
- Family coverage limit: $8,550
- Age 55+ catch-up: Add $1,000
Traditional IRA
Contributions to a Traditional IRA may be tax-deductible depending on your income and whether you have a retirement plan at work.
- Standard limit: $7,000
- Age 50+ limit: $8,000
Action Step: Check your bank statements. If you contributed $5,000 to your IRA last year, you still have $2,000 of “space” left. contributing that extra $2,000 now could save you hundreds of dollars in taxes immediately.
