As 2024 winds down to its final days there are still a number of steps that can be taken prior to the end of the year that can help reduce your 2024 tax liability. However, for many of these you must act quickly as most of these require action prior to stroke of midnight on Dec. 31. Reducing or deferring income taxes is always a good strategy, and little planning can help make the April 15 tax filing deadline easier to deal with. One of the strategies that I personally will be utilizing is making some additional charitable contributions by the end of the year. Whether the deduction is made through a monetary contribution or by a donation of items, as long as the recipient organization receives the donation prior to year-end you will be entitled to a charitable contribution for 2024. I use this time of year to go through my closet and other areas of my home to identify clothing and other items that are not in use. If these items are in good or better condition your donation will entitle you to a charitable contribution deduction equal to the fair market value of the donated item. Likewise, as a family we identify charitable organizations that we support and make some year-end charitable contributions. Many of these charitable organizations have a website that allows you to make your donation online through your credit card. Involving our children allows them to be a part of the decision as to what we determine to be worthy charitable organizations and for them to learn the importance of giving. In addition, to charitable contributions you might also want to consider funding an Ohio 529 plan for your children. Not only will you be entitled to a tax deduction from your State of Ohio income taxes, but you will also enjoy the benefits of tax-deferred growth for their college education. Keep in mind, however, that this needs to be funded by Dec. 31 and needs to be through the Ohio 529 plan and not another out-of-state plan. The Ohio Angel Scholarship Fund is another newer opportunity whereby the donor gets a dollar-for-dollar tax credit off of their Ohio income tax obligation. The amount is limited to $750 per taxpayer or $1,500 for a married couple. You will be spending the money one way or the other so why not direct the funds to an approved Ohio educational institution rather than the general Ohio State treasury. You may also want to consider making some other payments by year-end so that you will be able to take advantage of the deduction for 2024. If you are able to itemize your deductions, then making your January real estate tax payment, or making your January 2025 State of Ohio or Ohio local estimated tax payments will allow you to increase your itemized deductions for 2024. As long as you have written the check by the end of the year and made these payments, these would be an itemized deduction for 2024, even if the check does not clear until 2025. For those who are educators, there is a deduction of up to $300 for certain expenses of elementary and secondary school teachers through the end of 2024. Certain educational books, supplies, computers and software purchased prior to year-end for educators would be entitled to this deduction. Taking a little bit of time during these final days of 2024 to plan and strategize could reap significant benefits when tax-filing season approaches.  Although you may have until April 15 for certain items, other tax-saving strategies require you to act before the end of the calendar year. So, in these final few days take a few moments to review your tax position and if you can save yourself some money down the road it would be wise to act now before it is too late. Paul Pahoresky is the owner of PRP & Associates. He can be reached at 440-974-1040 extension 214 or at [email protected]. Consult your tax advisor about your specific situation for additional information and guidance on these topics.