You can still reduce your 2024 tax bill with these last-minute strategies.

• Financial advisors suggest that there is still time to reduce your tax liability or increase your refund for 2024.
• It may be challenging to locate assets for tax-loss harvesting or to increase pretax 401(k) employee contributions.
• You can contribute to your health savings account, make pretax individual retirement account contributions, or donate profitable assets to charity to improve your health, secure your financial future, and support charitable causes.

Financial advisors suggest that there is still time to reduce your 2024 tax bill or increase your refund before the year ends.

When you pay too much in taxes, you can expect a refund. Conversely, if you don't pay enough, you'll receive a bill.

To make the most of 2024 tax strategies, it's crucial to complete most of them by Dec. 31, leaving little time for last-minute moves.

The 'vibecession' has ended as optimism rises, according to reports. The Senate will vote on a bill to increase Social Security benefits for some pensioners. Trump's 2017 tax cuts provide lessons for his 2025 tax plan, which remains unclear.

In the event of a robust stock market performance, many investors may miss out on tax-loss harvesting chances, which can transform portfolio losses into tax advantages.

It may be too late to increase pretax 401(k) contributions for 2024, which decreases your adjusted gross income.

But there are some key strategies still available, according to financial advisors.

Leverage tax-free 'compound interest'

Experts suggest that if you have a high-deductible health plan, you can benefit from contributing money into a health savings account (HSA), which provides an immediate tax deduction, in addition to other advantages.

In 2024, the HSA contribution limit for self-only coverage is $4,150, while for family plans it is $8,300. The invested balance grows tax-free and can be withdrawn tax-free for qualified medical expenses.

"You don't have to wait," advised Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.

"Invest it and let compound interest benefit you," he advised.

It is recommended to wait until you have run tax projections for 2024 before making pretax individual retirement account contributions, as the deduction depends on your filing status, income, and workplace retirement plan, according to Lucas.

Donate profitable assets for a 'double tax advantage'

To secure a tax break for charitable donations in 2024, you should file your taxes using itemized deductions instead of the standard deduction.

According to certified financial planner Rick Nott, managing director at Angeles Wealth Management in Santa Monica, California, gifting profitable assets provides a "double tax advantage" by offering a tax break and allowing you to bypass capital gains taxes.

Digital assets have experienced record gains over the past year, sparking increasing interest among cryptocurrency investors in the strategy.

You can deduct the market value of an investment after owning it for more than one year, but the deduction is capped at 30% of adjusted gross income when donating to public charities.