7 Things to Check Off Your List This Tax Season

In case you missed the news, the IRS has pushed back this year's tax-filing deadline from April 15 to May 17. But it still pays to get moving on your 2020 return, and here are a few items to tackle as you go about the process.

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You have until the tax-filing deadline to finish funding your 2020 IRA, so if you haven't maxed out that retirement plan, now's the time to pump more money into it. You can contribute up to $6,000 to last year's IRA if you were under 50 in 2020, or up to $7,000 if you were 50 or older last year.

ALSO READ: 4 Ways to Minimize Taxes on Your Investments

Just as you have until the tax-filing deadline to fund an IRA for 2020, so too can you still make contributions to last year's health savings account (HSA). The annual limits last year were $3,550 for individuals and $7,100 for families. If you were 55 or older last year, you can add $1,000 to whichever limit applies to you.

If you owned a home last year and paid a lot of mortgage interest, itemizing on your taxes could make sense. But to see whether it pays to itemize, you'll need to total your deductions and see if they amount to more than the standard deduction. Last year's standard deduction was $12,400 for single filers and $24,800 for married couples filing joint returns.

There are a host of lucrative tax credits available that could really shrink your tax liability. Take some time to read up on those credits so you're sure to snag the ones you're eligible for.

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Last year, two rounds of stimulus payments went out the public. The first was generally worth $1,200 per person and the second was worth $600. If you never received that money despite having been eligible, you'll definitely want to make a point to claim it on your 2020 tax return. You can do so by claiming the Recovery Rebate Credit.

ALSO READ: The Guaranteed Way to Build Wealth With Your $1,400 Stimulus Check

Based on how your 2020 tax return shakes out, you may want to make some changes this year. If you owed a lot of money for 2020, you should consider adjusting your tax withholding to have more tax withheld in 2021, or pay estimated quarterly taxes on income outside of your usual paycheck. And if you got a large refund on your 2020 taxes, you should do the opposite -- sign up to have less tax withheld this year.

If you're due a refund on your 2020 taxes, the quickest way to get it is via an electronic funds transfer. Be sure to sign up for direct deposit so your refund arrives sooner, but be careful -- if you enter the wrong bank account details, you could delay your refund needlessly.

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You may have an extra month to get your taxes in order, but why wait? Delaying your filing could cause you to run into a stressful situation later this spring, so rather than let that happen, tackle your important tax moves -- including your return -- in the coming weeks. That way, you'll get to breathe easy knowing that work is done.

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