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This last-second move is 'one of the only' things that can still reduce your 2022 taxes, says CPA

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Still haven't gotten around to doing your 2022 taxes? You're not alone. Nearly a third of Americans wait until the last minute to file their return, according to a recent survey from small business research site Chamber of Commerce.

You have until tomorrow — April 18 — to get your proverbial homework done, and like your kinder teachers, the IRS is willing to give you an extension to October 16 if you can't get everything in on time.

That may be a good idea if you're still missing paperwork you need in order to file. But remember: An extension pushes back the due date to file, not to pay.

"You're still supposed to pay an estimate of what you think you might owe," says Ed Slott, a certified public accountant and founder of IRAHelp.com. If you fail to pay an outstanding bill by tomorrow, the IRS will tack on penalties and interest payments to what you owe.

If you do have everything you need to file, make sure you're doing what you can to optimize your return. "Without a time machine, there's very little you can do to change last year," says Slott. "One of the only things you can do is contribute to deductible accounts."

Beyond that, reducing the amount you pay is going to come down to making sure you're dotting your i's and crossing your t's. Here's what to know.

Reduce your taxes by contributing to an IRA or HSA

You have until April 18 to make 2022 contributions to certain investing accounts that not only bolster your long-term savings, but can lower your tax bill.

Contributions to traditional individual retirement accounts are made with pre-tax dollars, so anything you contribute counts against your taxable income.

For tax year 2022, you can contribute up to $6,000 to an IRA ($7,000 if you're 50 or older), though the amount you can deduct varies depending on factors such as your income and your enrollment in a workplace retirement account.

The same deadline rules apply for a health savings account, a type of medical savings account through which you can invest using pretax funds. Though you likely contribute to one of these via a deduction from your paycheck, you can make non-payroll contributions as long as you're under the limit of $3,650 for singles and $7,300 for families.

Even though the IRS is generous with these deadlines, "people still blow it," says Slott. They think filing for an extension allows them more time to make these prior-year contributions. But "it's a hard deadline. The last day for 2022 is April 18."

Don't make mistakes that could add to your bill

If you've done all you can at the last minute to reduce the amount you may owe (or to increase your refund), focus on avoiding errors and oversights.

Here are a few to keep an eye on.

Estimated taxes are due

Certain taxpayers, including those with self-employment income, have to pay quarterly estimated taxes, and the bill for the first quarter is due April 18.

Staying on top of these payments has become even more important of late because interest rates have been on the rise, says Stan Veliotis, professor of accounting and taxation at the Fordham University Gabelli School of Business.

"If you don't pay enough during the year, you could be penalized, but it's been small for the last 10 years because the interest rates were so low," he says. "The penalty rate is a function of interest rates."

Make sure your information is up to date online

If you use the same tax preparation program every year, your information from previous tax years may be saved. But if it's not, or if you switched programs, make sure you're on top of tax breaks that may carry over from year-to-year.

"For instance, you can use capital loss carryovers from last year to offset capital gains this year," says Slott.

If you switched banks this year, make sure you update your account information in your tax software. "Make sure it's the bank account you want," says Slott. "Verify the account and routing number."

Double check for deductions and credits

Just because you're in a rush to get your return in doesn't mean you shouldn't make sure you're getting every break you can. Be sure to kick the tires on any deduction or credit you think you may qualify for, especially since tax rules have been in flux over the past few years.

The Child and Dependent Care credit, for instance, was unavailable for certain high-income taxpayers in 2021 but comes with no such phaseout in 2022.

"I had a client who said he wasn't going to bother with it because he didn't know it was a one-time thing. The credit has come back to the pre-2021 rule," says Veliotis. Even though the credit ramps down for people earning high incomes, "it still has an effect."

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