9 Last-Minute Tax Tips to Boost Your 2020 Return

Though the tax-filing deadline may seem like it's still pretty far away, April 15 will be here before we know it. And that means you only have a little more than a month to get your taxes in order. With that in mind, here are a few last-minute tips to eke out some tax savings and file your return without stress.

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Having the right documentation on hand will make your filing go smoother, and it will also help ensure that you wind up claiming the tax breaks you're entitled to. Specifically, make certain you have things like your mortgage interest statement, your 2020 property tax bill, receipts for charitable contributions, and records of medical expenses. These are all things you might claim on your 2020 return.

ALSO READ: 3 Ways to Score a Higher Tax Refund This Year

The IRS offers a host of lucrative tax credits that could slash your tax bill substantially. Read up on the various options that may be available to you, especially if you have children or are part of a low-income household.

There are a number of valuable tax deductions that could save you serious money on your upcoming return. Furthermore, there are several deductions you may be entitled to take even if you don't itemize on your taxes, so spend a little time doing your research.

Dealing with a more complex return for 2020? Perhaps you lost your job, become self-employed, or bought your first home. If that's the case, hiring a tax professional could really pay off, so gather recommendations from friends and associates and get the help you need.

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The more you contribute to your 2020 IRA, the less tax you'll pay for the year (provided you save in a traditional IRA, not a Roth). You have until this year's tax-filing deadline to fund last year's IRA, so if you didn't max out, now's your chance. You can put in up to $6,000 if you were under 50 in 2020, or up to $7,000 if you were 50 or older.

ALSO READ: Why I Always Make Prior-Year IRA Contributions

Just as it's not too late to fund last year's IRA, so too can you still contribute to last year's HSA (health savings account), which will lower your tax burden. You can put up to $3,550 into your 2020 HSA if you're contributing on your own behalf, or up to $7,100 if you're contributing on behalf of a family. And if you were 55 or older last year, you can put in an extra $1,000 on top of the limit that applies to you.

If you're new to self-employment, you may not realize that you're allowed to write off a host of expenses you may have incurred in the course of earning money. These include equipment for your business, office supplies, and mileage on your vehicle.

If you're self-employed and work primarily out of your home, you may be entitled to a home office deduction. To qualify, you'll need to have a dedicated space for work purposes -- you can't set up your laptop on your kitchen counter and expect to categorize that space as a home office. Furthermore, if you're a salaried employee who worked from home for most of 2020 -- which is the case for a lot of people -- be careful to not claim a home office deduction. You're only eligible if you're not classified as someone else's employee.

ALSO READ: These Tax Breaks Get Even Sweeter in 2021

The more rushed you are filing your return, the more likely you'll be to skip over key tax breaks that put money back in your pocket. Give yourself time to tackle your taxes so you don't lose out.

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Filing taxes isn't fun, but in some cases, you could end up walking away with a serious refund. Follow these tips to slash your 2020 taxes -- and keep them in mind for future tax years as well.

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