Post-Tax Day Action Steps

Tax Day has come and gone!

And though you may be done with this tax filing season (provided you’ve filed your returns, paid any taxes owed, and received any refunds due), take some time to reflect on this past tax filing season and …

• Assess what worked and what didn’t

• Evaluate what went smoothly and what could use refinement

• Review any action steps that you may need to take in the current tax year and make note of when those steps need to be taken (ex: updating withholding on Form W-4, making estimated quarterly tax payments for SEIs)

• Make a list of any tax documents or information you didn’t compile or have on-hand for the recent tax filing season and if applicable, add it to your important tax information and documents checklist

• Review and update your important tax information and documents checklist (or create a checklist if you don’t already have one) to reflect any applicable changes for the current tax year

• Make a note to check-in with your CPA or tax professional if you experience any material changes to income or major life events which may impact the current tax year

Consider a quarterly or Q4 check-in with your CPA or tax professional, if appropriate, to mitigate against any year-end surprises.

Be proactive, not reactive!