Last-Minute Tax Moves That Pay Off

@kerenzulli

PROCRASTINATORS, TAKE NOTE. WITH JUST OVER a month left before the recently-extended May 17 tax-filing deadline, you still have time to boost your refund by hundreds of dollars or more—or, if you’re among the unlucky few who owe money to Uncle Sam, cut your tax bill substantially. You just have to know the right moves.

So far this year, about three out of four of the nearly 68 million households that filed a return have gotten a refund, averaging nearly $3,000. But chances are, you can do even better: While most tax-saving strategies ended when the calendar year did on December 31, not all did.

“Just because 2020 is over doesn’t mean you’re out of luck,” says Birmingham, Michigan, financial planner Nicole Gopoian Wirick. “There are still tax planning opportunities available right until the filing deadline.”

Those moves include taking full advantage of pandemic-related breaks the government handed out last year, making eleventh-hour contributions to tax-advantaged retirement and health care savings accounts and grabbing some write-offs you may be newly eligible for because of the rocky economy.

But you don’t have any time to waste. Here are 12 CPA- and financial planner-backed strategies that could pay off handsomely.

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