15 Tax Moves to Make Now That the Filing Season Is Over

So you filed your taxes by mid-April and either wrote the IRS a check or sat back and collected a refund. You may have experienced your share of relief upon completing that return. But that doesn't mean you're done with taxes. Here are a few moves it pays to make now that the filing crunch is done with.

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Saving money in an IRA or 401(k) plan won't just set you up for a secure retirement. It could also help lower your tax burden. If you fund a traditional IRA or 401(k), your contribution will go in tax-free, leaving the IRS with less income to tax you on.

Not everyone can participate in a health savings account (HSA). But if you're enrolled in a high-deductible health plan, you may be eligible. And in that case, the more money you put into your account, the more of a tax break you might enjoy.

ALSO READ: Here's the Best Way to Benefit From Your HSA

If you have a flexible spending account (FSA), you only have limited time to start using those funds. You may want to start scheduling doctor visits and renewing prescriptions soon -- before you run into a crunch.

If you have kids, the sooner you start saving for their education, the better. While you won't get a federal tax break for funding a 529 plan, some states offer tax benefits for making contributions. And either way, the money you save in a 529 can grow tax-free once it's in there.

A large refund might seem like a good thing, but if you get one, it means you overpaid your taxes substantially. If that's the case, consider adjusting your withholding to have less tax taken out of your wages.

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Working a side hustle? If so, you're in good company. But if you're doing that work on a freelance basis, you'll need to pay taxes on that income as you go. It could pay to work with an accountant to see how much money you should be sending to the IRS every quarter.

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You may be inclined to sell investments in your portfolio and walk away with some gains. Before you do, make sure you've held those investments for at least a year and a day. Otherwise, you'll face short-term capital gains taxes, which can be costly.

If you have a bum stock in your portfolio, selling it at a loss could work to your benefit. You can use that loss to offset other capital gains or even some ordinary income.

Medical expenses can be tax-deductible if they exceed a large enough portion of your income. If you've had a number of higher bills already, it could pay to push up other procedures so you're able to snag a tax break.

ALSO READ: How to Finance Medical Expenses

Being charitable isn't just good for the soul -- it could also ease your IRS burden. If you itemize on your taxes, you can take a deduction for the money you donate to registered charities.

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It's not just monetary donations that could render you eligible for a tax break. Donating goods could also help you eke out tax savings, so start going through your closets and giving away things you no longer need.

Work for yourself? Whether you do so on a full-time basis or as a side hustle, you should know that you're allowed to deduct expenses that make it possible to do your job. The sooner you organize your various receipts, the easier it'll be to anticipate what sort of tax write-off you're looking at.

If your earnings have increased this year, you may want to invest more in your business to help offset that higher income. That could mean upgrading your office or investing in other tools that will make you better at your job, all the while snagging a higher tax write-off in the process.

Bonds are a great means of generating steady income. If you buy corporate bonds, though, your interest income will be subject to taxes. But if you buy municipal bonds, you'll enjoy interest income that's free of federal taxes -- and in some cases, state and local taxes as well.

ALSO READ: Here's Why Municipal Bonds Belong in Every Investor's Portfolio

If your tax situation is at all complicated -- say, you own a business or are self-employed -- then it pays to partner with a great accountant who can help you establish a solid tax strategy. Now that the tax-filing season is over, you may find that it's easier to book consultations with local professionals, so you may want to get the ball rolling before the end-of-the-year crunch.

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It's easy to let taxes and all things related fall by the wayside at this time of the year. But if you make these moves, you might eke out more savings and enjoy less stress from a tax perspective.

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