Now that the Tax Day deadline has passed, you may be aiming to improve how you handle your finances in the future. Now is the perfect time to start with some simple, manageable steps. Whether you found the tax filing process challenging or you simply want to enhance your financial strategies for the coming year, here are a few straightforward things you can do right now to make next year smoother. These tips will help you organize your documents, check your withholdings, and even consider important estate planning elements to ensure everything is up-to-date and aligned with your current situation.

 

➡️Simple Document Organization: Start with basic document sorting. Keep a designated folder or box where you can drop all tax-related paperwork throughout the year. This includes receipts, donation confirmations, and bank statements. You don't need to sort them by category yet—just make sure they're all in one place.

 

➡️Check Your Tax Withholdings: If your tax situation last year was fairly straightforward and you expect it to be similar this year, take a quick look at your latest paycheck to ensure your tax withholdings still seem reasonable. Adjust if necessary, especially if your situation has changed (like a raise or a new job).

 

➡️Update Beneficiary Information Regularly: Like checking your tax withholdings, make sure to regularly review who you have listed as beneficiaries on things like life insurance and retirement accounts. This is especially important after major life events like getting married or having a child to ensure everything is up-to-date.

 

➡️Review Your Recent Tax Return for Insights: Spend an hour or so reviewing your most recent tax return. Look for any large deductions or credits you received and think about whether these will apply again this year. Make a note of anything you might need to gather documentation for, like charitable donations or business expenses.

         

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