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Discover essential steps to take right after tax season ends to stay organized, maximize savings, and prepare for next year’s filing with ease.
Tax season can feel like a whirlwind, especially for individuals and business owners juggling receipts, forms, and last-minute deadlines. But what you do after tax season is just as important as what you do during it. Whether you're relieved it's over or already thinking about next year, there are crucial steps to take once the April deadline has passed.
In this post, we'll walk you through everything you should do right after tax season ends to stay ahead, stay organized, and even save money.
Now that you've filed, don’t just forget about your tax return. Take time to review your filed return and make note of:
Reviewing your return helps you spot trends in your income and expenses. It also allows you to plan better for the next tax year. If you worked with a tax professional, request a detailed explanation so you understand your financial picture.
You may also catch potential mistakes or realize that you’re missing deductions or credits you were eligible for. It’s easier to amend your return sooner rather than later.
Gather all the documents you used to file your taxes—W-2s, 1099s, receipts, donation records, mileage logs, etc.
You’ll need these if you’re audited or want to reference them for next year’s return.
The IRS recommends keeping your tax records for at least three years, but some documents like real estate records or business asset purchases may need to be kept longer.
Maintaining good records also helps streamline future tax filing and financial planning.
If you owed a large amount or received a hefty refund, it might be time to adjust your withholdings or quarterly estimated tax payments.
Being proactive can help avoid surprises at next year’s tax time.
A large refund means you gave the government an interest-free loan. Conversely, owing a big tax bill could mean you underpaid throughout the year and may be subject to penalties.
Adjusting now ensures your withholdings better match your actual tax liability.
Tax planning isn't just for the wealthy—it's for anyone who wants to keep more of their income.
Planning throughout the year helps reduce last-minute scrambling and could potentially lower your tax bill. It also gives you time to work with professionals and explore legal tax-saving opportunities.
Use accounting software or work with a bookkeeper to keep track of expenses and income.
Take a few moments to reflect on the tax prep process:
Use this insight to make adjustments for next year.
If your tax season was overwhelming, consider switching to monthly bookkeeping or hiring a CPA to manage it year-round. Also, explore tax software platforms or apps that can help you automate and simplify your process.
Tax season is a great checkpoint to assess your financial goals.
Your tax return can give you a clear picture of your income and spending. Use that data to refine your savings, investing, or debt repayment goals.
Financial goals should be reviewed at least annually, and post-tax season is an ideal time to align your budget with your long-term priorities.
Set up a new tax file labeled with the current year and start collecting documents right away. This could include:
When next tax season rolls around, you’ll already have a head start. You’ll reduce stress, improve accuracy, and potentially maximize your deductions.
Use a digital document scanner or tax-tracking app to keep receipts and invoices organized.
Even after filing, the IRS may send follow-up letters or notices. Common reasons include:
Most IRS notices are informational, but failure to respond can lead to further penalties.
If you’re expecting a refund, track it using the IRS Where's My Refund Tool.
If you owe taxes and can’t pay in full, look into payment options like:
Act quickly to avoid interest and late payment penalties. Ignoring your tax bill won’t make it go away.
Tax laws can change every year, affecting credits, deductions, and filing requirements. Stay informed by:
Knowing what’s coming can help you plan smarter and avoid costly mistakes.
Keep a list of changes relevant to your situation in your current year tax file.
Meet with your tax advisor halfway through the year to review your income, deductions, and any life changes (like marriage, a new job, or a baby). Catching potential tax issues early can help you avoid surprises later.
Set up automated transfers into savings accounts earmarked for tax payments, retirement, or other financial goals. This creates consistency and reduces the burden of lump-sum payments.
Whether you’re self-employed or use your vehicle for business, keeping an accurate mileage log all year can lead to significant deductions. Use apps like MileIQ or TripLog to automate tracking.
If you’re a freelancer, contractor, or small business owner, use a dedicated business bank account and credit card. This makes recordkeeping and expense tracking easier, especially during tax season.
Instead of making all your donations at year-end, plan them throughout the year. You can also explore donor-advised funds for tax-efficient giving.
Commit to reading one tax- or finance-related article each month. Building your knowledge gradually makes it less overwhelming and keeps you informed year-round.
Once tax season ends, it’s tempting to push everything tax-related out of mind. But staying proactive now will make next year smoother, less stressful, and potentially more profitable.
By reviewing your return, organizing documents, adjusting your tax strategy, and planning ahead, you’ll gain peace of mind and keep more of your hard-earned income. Remember, taxes aren’t just a once-a-year obligation—they’re part of your overall financial wellness. If you need help navigating any of these steps, reach out to a qualified tax professional or financial advisor. Your future self will thank you!
Vincere Tax offers year-round tax planning and bookkeeping services tailored to individuals and small business owners. Book a consultation to start planning for next year’s success today.
If you discover an error after submitting your tax return, you can file an amended return using Form 1040-X. This is especially important for correcting income, deductions, or credit mistakes. The IRS typically allows up to three years to amend a return and claim a refund.
No, physical copies aren't required—as long as your digital versions are clear, legible, and securely stored. Cloud-based systems with encryption are great for keeping your records safe. Just make sure you back them up and can access them easily in case of an audit.
If you received a large refund or owed money when filing, it's a sign your tax withholding may not match your actual liability. Use the IRS Tax Withholding Estimator to calculate the right withholding amount and submit a new W-4 to your employer if needed.
Immediately! Starting right after tax season allows you to track expenses, stay organized, and take advantage of tax-saving strategies throughout the year. Set up a file for current-year documents and consider scheduling a mid-year tax check-in with your advisor.
Most electronically filed returns are processed within 21 days if there are no errors. Paper returns can take significantly longer. You can track your refund status using the IRS Where’s My Refund tool.
Being audited is comparable to being struck by lightning. You don't want to practice pole vaulting in a thunderstorm just because it's unlikely. Making sure your books are accurate and your taxes are filed on time is one of the best ways to keep your head down during tax season. Check out Vincere's take on tax season!
This post is just for informational purposes and is not meant to be legal, business, or tax advice. Regarding the matters discussed in this post, each individual should consult his or her own attorney, business advisor, or tax advisor. Vincere accepts no responsibility for actions taken in reliance on the information contained in this document.
For business tax planning articles, our tax resources provides valuable insights into how you can reduce your tax liability now, and in the future.
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