You can still lower your 2024 tax bill with these strategies.

• Financial experts suggest that there is still time to reduce your taxes or increase your refund for 2024.
• There are several ways to increase contributions to a pre-tax 401(k) plan, such as boosting withholdings or making direct payments to the IRS.
• You can combine charitable donations to maximize tax deductions.

Financial experts suggest that there is still time to reduce your taxes or increase your refund for 2024.

When you overpay taxes, you may receive a refund, while if you underpay, you will receive a tax bill.

Tricia Rosen, a certified financial planner and enrolled agent, stated that the Tax Cuts and Jobs Act of 2017 has reduced the number of ways to lower taxes.

Here are three ways to save more for retirement: 1. Increase contributions to a 401(k) or IRA. 2. Take advantage of catch-up contributions if you're over 50. 3. Consider investing in a Roth IRA to take advantage of tax-free withdrawals in retirement.

You choose between taking the standard deduction or utilizing all available itemized tax deductions when filing taxes, whichever results in a larger reduction.

The TCJA, enacted by former President Donald Trump, doubled the standard deduction, resulting in fewer individuals claiming itemized tax breaks for charitable gifts, medical expenses, and state and local taxes.

Rosen stated that it is challenging to surpass the standard deduction, particularly for married couples. For the 2024 tax year, the standard deduction for married couples filing jointly is $29,200, while single filers have a deduction of $14,600.

Experts suggest considering year-end tax planning strategies.

Boost pre-tax 401(k) contributions

You can still increase your pretax 401(k) contributions for 2024, which lowers your adjusted gross income, according to Rosen.

Withdrawals in retirement from pre-tax deferrals will be subject to regular income taxes, but you'll receive an upfront tax break.

In 2024, employees can defer up to $23,000 into 401(k) plans, an increase from $22,500 in 2023. Additionally, workers aged 50 and above can make catch-up contributions of an additional $7,500.

Increase paycheck withholdings

If you anticipate receiving a tax bill, you can either increase your paycheck withholdings or make direct payments to the IRS, as advised by Tommy Lucas, a CFP and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. Typically, taxpayers make withholding elections only once using Form W-4. However, there are numerous factors that can alter your circumstances, such as the acquisition of a second job, marriage, divorce, or the birth of a child, which may affect your tax situation, as Lucas previously explained to CNBC.

Consider 'bunching deductions'

To determine if you're near the standard deduction limit as the year comes to a close, you can calculate your itemized deductions, Rosen advised.

To reach the itemized deduction threshold, you could bunch deductions into a single year, she suggested.

Instead of making charitable donations annually, consider combining them into a single, larger gift.

Rosen usually creates two sets of projections to assess their potential impact on a client's taxes for the current year.