How pre-tax benefits can help you save more before April 15

April 03, 2025

Tax season is in full swing, and as the April 15 filing deadline approaches, employees are looking for ways to maximize their savings. One often-overlooked strategy? Taking full advantage of pre-tax benefits. These employer-sponsored programs can help you reduce your taxable income and keep more of your hard-earned money.

 

What are pre-tax benefits?

Pre-tax benefits are employer-sponsored programs that allow employees to set aside a portion of their income before taxes are deducted. By lowering taxable income, you can reduce the amount of federal, state, and FICA taxes you owe.

 

Some of the most common pre-tax benefits include:

 

Each of these benefits provides unique tax advantages that can make a big difference at tax time.

 

Last-minute tax savings before April 15

Even though many pre-tax benefits are elected during open enrollment, there are still last-minute tax savings opportunities before the deadline:

 

 

Maximize HSA Contributions

If you have an HSA, you can make contributions up until the tax filing deadline (April 15, 2025) for the 2024 tax year. 

 

Contributing more before the deadline can help you lower your taxable income for 2024 while building tax-free savings for future medical expenses.

 

 

Contribute to a traditional IRA

Even if you’re enrolled in a workplace retirement plan, you may still be eligible to contribute to a Traditional IRA before April 15. These contributions may be tax-deductible, depending on income and filing status.

 

 

Review and adjust 401(k) contributions for 2025

While it’s too late to contribute to a 401(k) for the previous tax year, you can increase contributions now to maximize savings for 2025. 

 

 

Pre-tax benefits aren’t just a way to lower taxes—they’re a powerful financial tool that helps you save for healthcare, retirement, and everyday expenses.

 

The information in this blog post is for educational purposes only. It is not legal, tax or investment advice. For legal, tax or investment advice, you should consult your own legal counsel, tax and investment advisers. 

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