ROCHESTER, N.Y. – The end of the year is right around the corner, and that means it’s time to start thinking about your taxes. On Monday I chatted with Jim Schnell, a CPA and Tax Partner with MMB + CO about what we all need to be doing right now.

“The two things I tell people this last week of the year all the time, is number one, look at your return from last year,” said Schnell. “The best indicator of what you may need to start to look for in the U.S. mail or things you’re going to get from work or your bank or your brokerage account or anything of that nature, the best indicator of what you need to be on the lookout for is from your prior year return coupling that with your change of life events that have gone on in the last year.”

Schnell suggests you sit down with a calendar and look at your life-changing events. The big ones are, of course, a marriage or divorce, having a child, buying a home, or changing jobs. And he says now is the time to evaluate your 401k or 529 for your child. Do you have an end-of-year bonus coming? Work with your human resource department to stash it away in your 401k and get the tax benefit. But you can reap the benefits of one retirement plan beyond December 31, and you may be able to deduct it when you file your 2024 taxes.

“For traditional and Roth IRAs, you have until April 15 of the following year to fund one to be given credit for the prior calendar year. So, on your 2024 return, you can fund an IRA up until the time you file a return, but no longer than April 15 of 2025.”

Contributions to a traditional IRA are tax-deductible under some circumstances. But as with everything concerning the IRS, It’s a bit complicated.

Click here for NerdWallet’s clear explanation of the circumstances under which your contributions to an IRA are deductible.

Lastly, plan to file early: You’ll reduce the chance of being victimized by tax-related identity theft; Your tax preparer will have more time with you, and you’ll get your refund far faster.