Core Insights - The article discusses last-minute tax strategies that individuals can utilize before filing their taxes, particularly focusing on retirement contributions, health savings accounts, and capital loss harvesting. Group 1: Retirement Contributions - Contributions to traditional IRAs can be made until April 15 for the previous tax year, allowing a dollar-for-dollar reduction in taxable income [3] - Self-employed individuals can benefit from SEP IRAs and Solo 401(k) plans, which offer higher contribution limits, potentially reaching tens of thousands of dollars depending on income [4] Group 2: Health Savings Accounts (HSA) - Individuals with high-deductible health plans can fund their HSAs up to the tax filing deadline and claim deductions [5] - HSA contributions are tax-deductible, grow tax-free, and allow tax-free withdrawals for medical expenses, making them a highly efficient tax tool [6] Group 3: Capital Loss Harvesting - Individuals who sold investments at a loss can use those losses to offset capital gains, and if losses exceed gains, up to $3,000 can offset ordinary income [7] - This strategy is only applicable if investments were sold at a loss during the year, emphasizing the importance of utilizing existing losses to reduce tax liabilities [8]