5 Essential Post-Tax Day Tips to Set Yourself Up for Success
Tax Day is officially behind us! While most people breathe a sigh of relief on April 15th and forget about the IRS until next year, the smartest taxpayers know that post-Tax Day is actually the most critical time to set yourself up for financial success.
In our latest installment of 5 on Fridays, former U.S. Department of Justice Tax Attorney Mark Milton breaks down the top five things you should be doing right now to minimize your tax burden and avoid massive headaches next tax season.
1. Send a Thank You Note to Your Tax Professional
If you have a tax pro who got your returns done on time and you were happy with their service, take a minute to send them a quick thank you note. The weeks leading up to April 15th are incredibly grueling for accountants and tax preparers. A simple, “Hey, thanks a lot for getting my taxes done, I appreciate you,” goes a long way and builds a lot of goodwill for the future.
2. Don’t Wait Until October 15th if You Filed an Extension
If you filed an extension, you technically have until October 15th to file your final return. However, do not wait until the fall. Use this post-Tax Day window to find those missing documents and get your returns done as early as possible.
Putting it off until October only prolongs your stress. More importantly, if you end up owing the IRS, filing sooner rather than later is the best way to minimize the penalties and interest accruing on your account.
3. Adjust Your Withholdings if You Owed for 2025
Did you end up owing the IRS a surprise balance for your 2025 taxes? If you did, make sure you understand why you owed. Once you know the cause, take action immediately by adjusting your W-4 withholdings with your employer right now.
By fixing your withholdings early in the year, you ensure that when it comes time to file your 2026 tax returns, you won’t be left with another massive, unexpected tax bill.
4. Start Small Business Tax Planning Now
If you are a small business owner, right now is the time to be tax planning for 2026. Do not wait until 2026 is over to finalize and close out your books.
Waiting until the end of the year often leads to the painful realization that you have vastly underpaid your estimated taxes. By starting your tax planning now, you give yourself the runway to make strategic business decisions that can legally lower your tax liability before the year closes.
5. Maximize Your Automatic Deductions
Now is the perfect time to look at your automatic deductions. Are you maximizing your contributions to accounts that lower your taxable income? Key areas to review include:
- 401(k) Contributions
- Health Savings Accounts (HSAs)
These are things you can do throughout the year to minimize your current-year tax burden. If you don’t set these up now, it may be too late to fully fund them at the end of the year, or you might not have the cash flow left over to make a lump-sum contribution.
Need Help Planning for Next Year?
Tax planning isn’t just an April activity; it’s a year-round strategy. If you need help dealing with an unexpected tax bill, navigating an audit, or planning for your small business’s future, the IRS Problem Solvers at Milton Law Group are here to help.
Contact us today to schedule a consultation and get ahead of your 2026 taxes.