What to Do After You File Your Tax Return

Whew! You or your tax preparer just pressed “send” and your tax return is off through the ether to the IRS. “I’m done with taxes for another year,” you say to yourself. Not so fast! Tax-planning is a year-round proposition and there is a lot you can do to be prepared for next year.

Below are nine steps to take after filing your tax return:

Learn From Your Return- It is smart to look beyond the amount of tax that you owed. Review your effective tax rate (the percentage of your income paid in taxes, calculated by dividing your tax paid by your taxable income), biggest deductions and credits, and largest income sources.

Ask Yourself Some Questions- Document “lessons learned” during this tax season to inform tax planning for next year. Write down: what surprised you (e.g., blind spots that you hadn’t considered), what was stressful, and what worked well to turn this year’s tax filing into a feedback loop.

Make a List of Carryovers- These are tax write-offs that you can use on future tax returns. Keep a running list and write them down so they don’t get forgotten next year. Think capital loss carryforwards and charitable donation carryovers.

Adjust Payroll Tax Withholding- This also goes for quarterly estimated tax payments and withholding for pensions and Social Security. If you owed a lot on your 2025 tax return, received a large refund, or expect big changes to your income in 2026, tweak your withholding now.

Review Itemized Deduction Potential- Itemizing deductions is generally not possible without proactive tax planning because the standard deduction is a very high hurdle to exceed. Consider bunching charitable donations, state and local taxes, and medical expenses to be able to itemize.

Consider Lifestyle Changes- Life events that can change the amount of future tax owed include marriage, divorce, widowhood, job changes, retirement, and relocation. These events should prompt proactive planning and not big surprises.

Update Your Record-Keeping Systems- Set up a system to organize documents related to 2026 income taxes if you had messy records before. This includes business mileage logs and receipts and documentation for tax write-offs (e.g., child and dependent care tax credit).

Schedule a Mid-Year Tax Check-Up- By July or August, you will have more clarity about your expected income and expenses than you do in February. Use this information to prepare a pro forma (projected) tax return so you can adjust tax planning strategies before it is too late.

Evaluate Capital Gains Exposure- Study your 1040 Form and consider where most of your tax bill came from. If capital gains are triggering a lot of tax, consider whether you have high turnover investments and concentrated positions. Try to purchase tax-efficient investments instead.

Bottom Line: A tax return provides a lens into your overall financial situation. Study it for insights that may lower your tax bill in the future. If you are working with a financial advisor, share it as an informational tool. Be proactive and don’t put taxes on the back burner until next year. 

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.