Tax Season is Over—Now What?

Here is your post-tax spring financial checklist. We’ll outline some steps to take after filing your taxes to help you start planning for deductions for next year. I know you’ve just finished your taxes, and the last thing you want to do is think about them again. However, by putting things in place and getting organized now, you set yourself up for success with just a little extra effort. 

Step 1: Review Your Return and Refund 

The first step is to double-check everything to ensure it is correct. If your return was rejected, make the necessary changes and resubmit it before you put anything away. This is also the time to verify the status of your refund and ensure you receive it. 

Step 2: Record Keeping  

It’s important to maintain accurate records of your filings and tax returns to keep your financial plan updated. You should keep these documents for at least three years, and they can be properly disposed of after seven years. Having organized records consistently helps you stay organized and allows you to focus on more important matters. 

Learn More: Out with the Old: Get Your Financial Documents in Order

Step 3: Review Your Budget and Retirement Plan 

The period after tax season is an ideal time to evaluate what aspects of your budget and retirement plans are effective and which ones need improvement. Whether you receive a refund or owe money, make sure to adjust your financial goals accordingly. Additionally, take the time to identify areas where you can improve your tax planning for the upcoming year. 

Learn More: How to Create a Budget That Works for You: Practical Steps for Financial Success  

Step 4: Meet with Your Financial Advisor  

Schedule a meeting with your financial advisor after this tax season. This is a great opportunity to begin planning for next year’s taxes, so discuss your strategies with your advisor. If you don’t have a financial advisor, consider finding one, especially if tax planning for retirement is a concern for you. A financial advisor can assist you with both tax preparation and planning. 

Meet with 210 Financial!  

Step 5: Plan for Next Tax Season 

After consulting with a financial professional and completing all your post-tax season tasks, shift your focus toward next year. Consider what actions you can take now and throughout the year to ensure a successful tax season.  

Learn More: 6 Tax Strategies to Consider this Tax Season 

Conclusion:  

We know you just wrapped up tax season, but it might be a good time to review your tax strategy by examining your taxes from this year. Making adjustments now and understanding where to improve your strategy can benefit you in the long run. 

 

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