Tax season is over. You’ve filed, submitted payments, and maybe even received a refund. Now what?
Many people breathe a sigh of relief after April, then forget about taxes until next year. But a little post-tax planning can make a big difference—and help you avoid stress and surprises next time around.
1. Review Your Tax Return
Take a few minutes to look through your tax return while it’s still fresh. Were there deductions you missed? Did you owe more than expected? A quick review now can help you make smarter decisions for the year ahead.
If you worked with a tax professional, consider setting up a follow-up to talk about improvements for next year.
2. Adjust Your Withholding (If Needed)
Did you owe a big chunk at tax time? Or get a large refund? That could mean your withholding isn’t quite right.
Too much withholding means the IRS is holding your money interest-free all year. Too little could lead to penalties or surprise tax bills. Use the IRS Tax Withholding Estimator or talk to a professional to make sure you’re on track.
3. Organize Your Financial Records
Don’t wait until next March to hunt down receipts and forms. Create a system now—digital or physical—for organizing your financial documents.
If you’re self-employed or own a small business, track mileage, expenses, and income monthly. Staying organized will save you time (and stress) next tax season.
4. Plan Ahead for Estimated Taxes
If you’re a freelancer, small business owner, or earn income outside of a W-2, you may need to pay estimated taxes quarterly. Missing payments can lead to penalties, even if you pay your full tax bill by April.
Work with a tax expert to calculate what you owe each quarter and mark your payment dates on the calendar.
5. Set Financial Goals
Post-tax season is a great time to set or revisit your financial goals. Want to save more? Pay off debt? Increase retirement contributions? These goals often come with tax advantages—and the sooner you start, the better your results.
Ready to Get Ahead of Next Year’s Taxes?
At Bay Tax Accounting, we help clients take a proactive approach to taxes and financial planning. Whether you’re looking to fine-tune your withholdings, prepare for quarterly payments, or optimize your deductions, we’re here to help all year long—not just during tax season.
Contact us today to schedule a post-tax-season review. Let’s make next year’s tax filing smoother, smarter, and more stress-free.