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April 2024

Navigating Post-Tax Season: Strategies for Success

Justin Hearty
Don’t slow down after completing your taxes. Now is the perfect time to look forward and prepare yourself for next season.

With the April 15th tax deadline behind us, it’s time to shift our focus from tax preparation to post-tax season strategies that can enhance your financial well-being. While the pressure of filing taxes may have subsided, there are still important steps you can take to optimize your finances and prepare for the future. Here are some essential strategies to consider now that tax season has come to a close.

Review Your Tax Return and Plan for Next Year

Although this year’s tax season is over, it’s never too early to start planning for next year’s taxes. Reviewing your current tax situation may help you identify potential tax-saving opportunities for the upcoming year. Consider increasing contributions to retirement accounts, exploring tax-efficient investment strategies, and consulting with a tax professional for personalized advice.

  • If you expect your financial situation to change in the upcoming year, review your options to decide if taking the standard deduction is best or if itemizing will offer a higher benefit.
  • If you ended up owing more taxes this year than you were prepared for, now is the time to get a head start on making changes that could lower what you owe.

Organize Your Financial Records

Use the post-tax season period to organize your financial records and documents. Proper record-keeping is essential for tax compliance and financial planning. Create a system for storing and managing your financial documents, including receipts, statements, and tax returns, to ensure easy access when needed.

  • You may not need these documents now, but you will thank yourself in the future when the need arises because you will be prepared.
  • If you aren’t a fan of paper records, you can scan and digitize your tax-related documents.A digital filing system will improve your organization and allow quick access when needed.

Consider Tax-Efficient Investment Strategies

Explore tax-efficient investment strategies that can help minimize your tax liability and maximize your after-tax returns. Consider investing in tax-advantaged accounts such as IRAs, 401(k)s, or health savings accounts (HSAs). You should also consider if investment strategies such as tax-loss harvesting and tax-efficient exchange-traded funds (ETFs) will help.

  • Any of the accounts above will reduce your total taxable income, which in turn lowers your tax liability. If you aren’t already maxing out your pre-tax accounts, increasing contributions to them will offer a great opportunity to lower your tax liability within the current year.

Stay Informed About Tax Law Changes

Keep an eye on legislative developments at the state and federal levels. For example, changes to tax rates, deductions, or credits could impact your tax planning strategies. Stay informed by following reputable financial news sources, consulting with your tax professional and financial advisor, or attending informational seminars on tax law changes.

  • For example, there is the Tax Cuts and Jobs Act of 2017 (TCJA).These rules are currently in place but will sunset at the end of 2025.
  • The end of TCJA could mean changes to income tax brackets, standard deductions, and much more.
  • As you navigate the post-tax season period, remember that proactive financial planning is critical to achieving your financial goals. By reviewing your tax situation, evaluating your goals, and implementing strategic financial strategies, you can set yourself up for greater financial success in the future.

Stay tuned for more insights and tips on navigating the intricacies of personal finance. Your financial well-being is our priority, and we’re here to help you every step of the way.

About Strategic

Founded in 1979, Strategic is a leading investment and wealth management firm managing and advising on client assets of over $2 billion.

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