Last-minute Tax Moves That Pay Off

From taking full advantage of pandemic-related breaks to grabbing write-offs you may be newly eligible for, here are a dozen ways to boost your refund or cut your tax bill

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.

Grab All Your Stimulus Money

The size of the stimulus checks sent out so far depended on your income and the number of dependents you had in 2019 or 2018. But the funds were technically an advance on a special tax credit for 2020. So if your income was drastically lower last year than in the previous two years or you’ve just had a child, you’re likely owed more money.

If that’s the case or you’re still waiting on a missing stimulus payment, you’ll need to complete an extra step on your tax return this year to get the money you’re due. The effort will be well worth it, though, since doing so could increase your tax refund or lower your tax bill by several hundred dollars or more, says

TAX BONANZA The typical refund so far this year is running just shy of $3,000. But if you haven’t filed your return yet, there’s still time to beat the average, with one or more of these strategies.