With April 15 behind us, you might be wondering what to do after tax season to stay on track for the rest of the year. It’s easy to want to put taxes out of your mind until next year, but this is a valuable opportunity for clients to review and plan ahead while everything is still fresh in your mind. Keep reading for some steps to help you make progress and to make next year easier.
After Tax Season, Take a Moment to Review Your Tax Return
Once you’ve received your filed tax return, here are some questions worth asking:
- Did anything surprise you this year, like the size of your tax bill or refund?
- Were there missed deductions or credits? (This might take some research or discussion with a tax professional)
- Is your income trending up or down compared to recent years?
- For business owners – Is your current business structure still the best fit?
A post-tax season review can help provide insights and opportunities moving forward.
Adjust Your Withholding or Estimated Payments
Speaking of tax season surprises, if you owed more than you expected, or received a large refund, it could be time to make some adjustments. For individuals, you could update your W-4 if needed. For business owners, you may want to review and adjust your quarterly estimated tax payments. This could help avoid surprises next year and improve cash flow throughout the year.
Tip: For individuals, a calculation of next year’s estimated tax payments based on a safe method is included as part of our tax return service. For businesses, a fourth-quarter review is included as part of our tax service to give you time to make decisions before year-end (as well as basic calls throughout the year).
Organize and Store Your Tax Documents
Keeping certain documents, like copies of your tax returns, is important. Whether you keep paper or digital copies, ensure they are stored securely due to the personal information contained in them.
For small business owners who feel ‘lost in the paper pile’ and unsure what documents to keep or shred, we’ve written a record retention guide that can help.
Stay on Top of Your Business’s Books After Tax Season
Speaking of small business owners staying organized, let’s talk about getting ahead on bookkeeping now. If tax season this year felt rushed or disorganized, now is the time to fix it, rather than next February or March. Make sure you, or your bookkeeping professional, are keeping your books updated monthly, or at least quarterly, to avoid year-end cleanup stress and the potential for errors or missed opportunities. This can help you be much more prepared for next tax season.
If you are struggling to keep up with your business’s books—whether that’s due to time constraints, lack of expertise, or simply a growing business—you may want to consider letting a professional handle your bookkeeping for you. At Grace & Growth, we offer both QuickBooks training so you can do your own bookkeeping as well as bookkeeping services so you can take that burden off your shoulders.
Check in on Your Financial Goals and Plan for the Rest of the Year
Rather than waiting until next tax season, you can be proactive now before year-end sneaks up on you. Most tax-saving strategies need to be implemented before December 31 to be effective. Additionally, by tracking your income and expenses consistently now and by making note of life or business changes (such as a new job or new business purchases), you’ll likely be in a more informed and more prepared position come year-end.
This is also an excellent time to check in on your financial goals. If you made goals for 2026, you may want to look at the data and ask yourself if you are making progress. For example, how is your budgeting going? Are you making progress towards debt payoff or savings goals? It’s worthwhile to consider whether you need to adjust your plan at this point.
Consider Meeting with a Professional
If these steps are feeling overwhelming, you aren’t sure where to go next, or you’re looking for more expertise for your business or personal finances, it may be time to consider meeting with a professional. Taking this step can help you to stay proactive rather than reactive and help you to make confident, informed decisions throughout the year.
At Grace & Growth Financial Services, we strive to provide guidance and services to our clients year-round, not just at tax time. We offer various services for small businesses, including training for QuickBooks, clean-up services for your books, and monthly bookkeeping services. And for individuals, we’ve recently added personal financial coaching to our list of services. If you’re interested in finding more clarity, guidance, or peace for your business or personal finances, contact us today.
Schedule a consultation for our business services or financial coaching and take the next step toward a more proactive, peaceful financial approach.
