4 ways your tax return can help you save money in 2020

4 ways your tax return can help you save money in 2020  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUL 22, 2020 YOUR WEALTH Editor's Note I am guessing many of you are feeling relaxed now that Tax Day is out of the way. Enjoy that for a bit because you will need to get to work and review your 2019 return to find opportunities for saving on taxes for the remainder of the year. That means digging out that completed 2019 tax return that you already misplaced when you shoved it to the bottom of your desk drawer. That's right: It's time to tax-strategize for the remainder of 2020. Here are some things you may consider doing to improve your outcome when you file next spring. You may even keep a few more extra bucks in your pocket. First, do a thorough review and reevaluate your withholdings to make sure you're paying just the right amount in taxes. Also look to increase your 401(k) contribution to lower your taxable income. Finally, the CARES Act allowed savers to skip the 2020 required minimum distribution out of retirement accounts. Considering that RMDs are subject to taxes, waiving a distribution or putting the money back could whittle your tax bill for 2020. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA 4 ways your tax return can help you save money in 2020 Don't bury your completed tax return in a drawer. More savings opportunities for 2020 await within your Form 1040. Here are four tips that could shave your tax bill. 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Spending by the unemployed led the recovery "The increase in spending by people on the unemployment rolls this spring actually led the recovery in total spending off the lows. Some very interesting research ... makes it clear that this was the case at the height of the pandemic ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS