You Filed Your Taxes, Now What? Financial & Tax Planning for the Rest of the Year
Tax season may be behind you, but that doesn’t mean your financial planning should go on autopilot. In fact, the months following tax season are the perfect time to reflect, adjust, and proactively plan for the rest of the year. Whether you're an individual taxpayer or a business owner, smart moves made now can translate into savings and smoother filing come next April.
1. Review Your Tax Return for Missed Opportunities
Think of your tax return as a roadmap. It holds valuable clues about where you might be losing money or missing out on deductions. Did you contribute enough to your retirement account? Were there any deductions or credits you didn’t qualify for, but could with a few strategic moves? Your CPA can help identify patterns and areas to improve. Perhaps you paid a large tax bill and could benefit from adjusting your withholding or estimated payments. Or maybe you qualified for a refund that could be better used in a retirement or savings account.
2. Adjust Your Withholdings and Estimated Payments
If you received a surprise tax bill, or a massive refund, take that as a cue to adjust your withholdings or quarterly payments. The goal is for you to pay in just enough throughout the year—not too much, and not too little. For W-2 employees, submitting a new Form W-4 to your employer is all it takes. If you're self-employed or have multiple income streams, revisit your estimated tax payments using your prior-year return as a baseline and adjust accordingly with each quarter’s income shifts.
3. Prepare for a Mid-Year Financial Check-In
Summer is a great time for a financial tune-up. Schedule a meeting with your CPA or financial advisor to review income, expenses, retirement contributions, and long-term goals. Are you on track to meet your savings targets? Do you have the right business structure in place to minimize taxes? This check-in is especially helpful for business owners whose income fluctuates throughout the year. Getting ahead of potential tax liabilities now will help avoid surprises when Q4 rolls around.
Don’t Let Tax Season Be a Once-a-Year Thing
At Rugg CPA, we believe tax planning should be a year-round conversation, not a once-a-year scramble. Our clients benefit most when they stay connected throughout the year, asking questions and making decisions with tax efficiency in mind.