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Now that tax season is finally behind you, you might feel like shoving your paperwork into a drawer and not thinking about it until next year. While we completely understand the urge to take a break, the weeks after tax season are actually the perfect time to set yourself up for future success. A little planning now can make a big difference when it’s time to file again—and keep your finances on track all year long.
We’ve already covered the top steps you should take after tax season for business owners. Now, here’s your guide to smart post-tax season moves that can help you reduce stress, avoid surprises, and achieve your personal financial goals.
1. Reflect on Your Tax Strategy
Your latest tax return isn’t just something to check off the list—it’s a helpful record of what worked, what didn’t, and what might need tweaking for next year. Did you have a big balance due or an unexpected refund? It might be time to adjust your withholding or make estimated tax payments to even things out.
Meeting with a tax advisor now can give you a head start. Together, you can explore potential deductions and credits you might have missed, map out strategies to reduce your tax burden for 2025, and even adjust plans based on changing tax laws.
2. Brush Up on Tax Law Changes
Tax laws are always shifting, and it’s easy to get caught off guard if you’re not sure what to look out for. This is true every year, but it’s especially true now following the election and the potential sunsetting of the Tax Cuts and Jobs Act (TCJA).
Take some time to research any major changes that may affect your finances, such as new deductions or credits, updated income bracket thresholds, or changes in tax rates. Our guides to anticipated tax law changes and tax planning and insights are a good place to start. A quick conversation with your CPA can cut through the confusion and help you adapt to anything new.
3. Revisit Your Retirement and Investment Plans
The after-tax season is a great time to revisit your long-term goals. Are your retirement accounts like IRAs or 401(k)s growing the way you’d hoped? Does your investment portfolio need some rebalancing? Do your investments still align with your risk tolerance and financial objectives? Small tweaks now, like increasing contributions to IRAs or 401(k)s, could yield big benefits down the line—not to mention potential tax savings.
Tip: If you’re saving for a child’s education, consider beefing up your 529 plan. These tax-advantaged accounts are a smart way to prepare for college costs and give you some nice tax breaks too.
4. Update Your Estate and Trust Plans
Have you had any milestones recently—a new baby, marriage, divorce, or even the loss of a loved one? These events can impact your will, trust, or beneficiaries. Not to mention, federal estate and gift tax exemptions are set to lower in 2026, making now a good time to review your estate plans. Updating these documents ensures everything aligns with your wishes and protects your loved ones in the long run.
5. Plan for Major Life Changes
Thinking about buying a home, relocating, or changing careers? Big decisions like these usually mean some financial adjustments. Get ahead by making a plan. How will this move affect your budget? Could your tax situation change? Talking it through with your CPA or financial planner can help you prepare and avoid surprises.
6. Maximize Tax-Advantaged Savings Accounts
Let’s talk about one of the smartest moves you can make—opening tax-advantaged accounts. Whether it’s an IRA for retirement or an HSA for healthcare expenses, these accounts offer tangible benefits today while helping you save for tomorrow.
Opening the right account—or increasing contributions to one you already have—can lower your taxable income and help you get closer to your goals. Unsure which option makes the most sense for you? Start by asking your CPA for guidance.
7. Reevaluate Your Charitable Giving
Giving to charity isn’t just a way to make an impact—it can also be a smart move for managing your taxes. That’s why it’s important to plan your gifting strategically, especially with potential changes on the horizon.
Currently, you can deduct cash contributions up to 60% of your adjusted gross income (AGI) and appreciated assets (like stocks) up to 30% of AGI. However, if certain provisions from the Tax Cuts and Jobs Act (TCJA) expire, these limits could roll back to 50% and 20%, respectively. While nothing is set in stone yet, a rollback would mean you’d be able to deduct less from your taxable income—making advance planning more essential than ever.
Consider donor-advised funds or other strategies to maximize your deductions and make the most of your giving. If you have questions, your CPA can help you tailor a giving plan that aligns with your goals.
8. Check in with Your CPA Regularly
The best financial advice we can give? Don’t wait until next April to talk to your accountant or financial planner! Staying in touch throughout the year ensures you’re prepared for tax season and that you’re making the most of new opportunities as they arise.
SME CPAs Are Here for You
Being proactive now pays off down the line. Whether you need help fine-tuning your tax strategy, updating your estate plan, or setting up a new savings account, SME CPAs is here to guide you every step of the way.
With the right combination of expertise, personalized advice, and a dedication to your financial goals, we’re here to make your financial life easier—and your dreams more attainable. Don’t wait for the next tax season scramble—reach out today to schedule your consultation.