With another tax season behind you, it is easy to shift focus back to day-to-day responsibilities. However, the period immediately following filing is one of the most valuable times to step back, assess, and plan. The decisions made now can influence next year’s tax outcome—and, in many cases, uncover opportunities that were missed.
The following five steps can help you stay ahead:
1. Schedule a post-filing review with your accountant: Start by setting aside time for a post-filing conversation with your accountant. Once returns are filed, the pressure is off—and that creates the ideal environment for more thoughtful, strategic discussions. Meeting now allows you to review what worked, what did not, and where adjustments can be made. It is also an opportunity to align tax planning with broader financial goals, whether that involves business growth, investment strategies, or personal milestones.
2. Review missed or overlooked tax elections: Next, take time to evaluate whether any tax elections were missed or could have been structured differently. Many tax-saving opportunities depend on timing, and some elections must be made before or at the time of a transaction. A post-season review can highlight areas—such as depreciation methods, accounting methods, entity structure, or retirement contributions—where earlier planning may have created additional benefits. While those opportunities may not be recoverable, the insight can inform better decisions going forward.
3. Evaluate estimated tax payments and withholding: It is also important to review whether your estimated tax payments or withholding accurately reflect your current financial situation. Changes in income, business performance, investments, or personal circumstances can all affect tax liability. Adjusting payments now can help minimize surprises at filing time, improve cash flow management, and keep you aligned with your expected obligations.
4. Organize and strengthen your recordkeeping: Another practical step is to address any recordkeeping gaps identified during tax season. Missing receipts, incomplete documentation, or disorganized financial records can lead to missed deductions or added stress. Now is the time to implement stronger systems, whether through better processes, improved tools, or more consistent tracking, to ensure more accurate reporting and smoother filings in the future.
5. Plan for major decisions before acting: Finally, look ahead to any significant financial decisions and involve your accountant early in the process. Transactions such as purchasing equipment, expanding a business, selling assets, or making large investments often carry meaningful tax implications. Early planning can help identify strategies to reduce tax liability, optimize timing, and improve overall outcomes. The same applies to personal decisions, including retirement contributions, charitable giving, and education planning.
By taking time now to review, adjust, and plan, taxpayers can move into the new year with greater clarity and control. The goal is not just to file accurately, but to position yourself for better results over time. The work done after tax season often has the greatest impact on what happens next.
For guidance tailored to your situation, contact your Stephano Slack tax manager or partner at 610-687-1600 or TaxInfo@StephanoSlack.com to discuss planning opportunities for the year ahead.
Author Jackie Himes, CPA, partner, is a trusted authority in serving high-net-worth individuals and closely held businesses. She provides strategic financial guidance that fuels growth and sustainability. She can be contacted at 610-710-4057 or Jhimes@stephanoslack.com.
Disclaimer: This content is for informational purposes only and doesn’t constitute professional advice.
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