CHICOPEE, Mass. (WWLP) - Tuesday is the last day of 2024, and experts say there are things you can do now to make the most out of your tax return for next year. While the deadline for filing tax returns is months away, there are still steps you can take now, to improve your finances later. 22News spoke with Ray Maagero of Liberty Tax, and he shared some strategies to help improve your finances in the new year. Experts say the end of the year is a good time to make sure your financial records are accurate and up to date, and that you're doing all that you can to maximize tax deductions. The most important thing? Developing a plan throughout the year that gets you in the position where you're paying the least amount of taxes you can. And this plan can start on December 31. For example, Ray Maagero of Liberty Tax, says to be sure to make a contribution to your 401k, "You do get an up to $23,000 deduction if you contribute to your 401k and if you're 50 or over, potentially $30,500." Other actions include: Contributing to your IRA, if that option is available to you. This allows you to make tax-deferred investments, which will provide financial security when you retire. In terms of stocks, Maagero says if you have a securities loss, and you have other stocks where you have gains, consider selling the loser to offset gains that you have that will be taxed. Now is also is a good time to consider making charitable contributions so you can claim the deduction on 2024 taxes. And finally, check your withholdings for 2024 to see if you'll need to make any adjustments for 2025. "A classic case is if you have multiple jobs, that can really surprise people when they find out that they didn't have enough withholding on their second and third jobs," Maagero adds. No matter how you plan for 2024, consider beginning an attainable plan for 2025 now so that you can reap the benefits of it later. Local News Headlines Tips to stick with your New Year’s resolution State House Spotlight: The 193rd General Court in review End of year tips to maximize your 2024 tax return 122 bills on the Governor’s desk WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.