As the end of the year approaches, now's the time to start preparing for filing your 2024 tax return in 2025. December 31 is generally the deadline to make changes that might lower your tax bill.
One major exception is the deadline for contributing to a Roth or traditional IRA: You have until April 15, 2025, to contribute for tax year 2024. If you qualify for deductible contributions, it can reduce your taxable income.
If you had significant life changes in 2024, your taxes may be more complicated and you might need to hire a CPA or other tax professional. It's best to start planning sooner.
Prices for tax preparation usually rise as the deadline approaches, so it's wise to start searching for a tax pro early. The average fee for a simple tax return is about $220.
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