Don’t Stop at Filing: 5 Planning Moves to Make Right After Tax Season

For many households, tax filing feels like the finish line. Documents are submitted, refunds arrive (or payments are made), and taxes are pushed aside for another year.

But filing your return shouldn’t mark the end of planning — it should mark the beginning.

Your completed tax return is one of the most valuable financial planning documents you have. It provides a detailed snapshot of income, investments, retirement distributions, and tax exposure. Reviewing it now allows you to make smarter moves for the rest of the year.

Here are five planning moves to consider right after filing your taxes.

1) Use Your Tax Return as a Planning Blueprint

Your return shows more than just what you owed — it reveals patterns.

Questions worth reviewing:

• Did income land where you expected?

• Were taxes higher than anticipated?

• Did investment income create unexpected tax consequences?

• Were there missed planning opportunities?

  
  

A return review can help refine decisions around retirement withdrawals, Roth conversions, charitable giving, and investment positioning before the year gets too far along.

2) Adjust Withholding or Estimated Payments Now

If you owed a large balance or received an unusually large refund, adjustments may be needed.

A refund often means you gave the IRS an interest-free loan. A large payment due might signal under-withholding or insufficient estimated payments.

Adjusting now helps:

• Improve monthly cash flow

• Avoid surprises next April

• Reduce risk of underpayment penalties

  
  

Small changes early in the year can make a meaningful difference.

3) Start Planning Next Roth Conversions or Capital Gains Moves

Many tax-saving strategies need to happen during the year, not after it ends.

Now is a good time to evaluate:

• Potential Roth conversion opportunities

• Intentional realization of capital gains

• Managing income levels around Medicare IRMAA thresholds

• Optimizing retirement withdrawal sequencing

  
  

Waiting until December often leaves fewer options available.

4) Update Retirement Savings and Cash Flow Plans

Tax season often reveals whether savings and spending patterns aligned with expectations.

Post-filing is a great time to revisit:

• Retirement contributions

• Savings targets

• Cash reserve needs

• Distribution plans for retirees

  
  

Aligning your savings and income strategy now can improve outcomes for the rest of the year.

5) Schedule a Mid-Year Tax Projection

A mid-year projection allows you to course-correct while there is still time.

Changes in employment income, investment markets, business income, or retirement distributions can significantly alter tax outcomes.

A mid-year check-in allows planning adjustments instead of year-end surprises.

Filing Is the Starting Line — Not the Finish Line

Tax returns are backward-looking documents. Planning is forward-looking.

Using your completed return as a starting point helps ensure the next year unfolds more efficiently, with fewer surprises and better long-term results.

If you'd like help reviewing your return and identifying planning opportunities for the year ahead, we’re always happy to help.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through TOP Private Wealth, a registered investment advisor and separate entity from LPL Financial