Your Tax Return Is Filed. What’s Next?
The tax filing deadline has a way of sneaking up on all of us. One minute it’s January. The next, you are gathering documents, double checking numbers, and trying to get everything submitted on time. Maybe you prepare your return yourself, or maybe you hand it off to a professional. Either way, most people feel the same thing when it is done: relief.
Tell me what I owe or what I am getting back so I can move on!
That feeling makes sense. But there is an opportunity here that often gets missed, and I am here to offer a different approach to post-tax season.
What Should You Do After Filing Your Tax Return?
After filing your tax return, the next step is to review it for planning opportunities. Your return is not just a record of what happened, it is a tool that can help guide decisions this year. By reviewing things like your income, investment activity and deduction opportunities now, you can make more intentional decisions about maximizing tax efficiency.
Before we go further, a quick note: what follows is a high-level overview of a handful of tax planning concepts. Every tax household situation is unique and deserves more detailed analysis. Our aim is for this to act as a starting point to get the tax wheels spinning.
Your Tax Return Is More Than Just a Record
Most of us now have our 2025 tax returns in hand. This creates a natural moment to pause and assess Income Tax Health.
Income Tax Health is a way of evaluating how efficiently your income, deductions, and investment activity are working together, both looking back and planning forward. Right now, last year’s return numbers are still fresh in our minds. That clarity tends to fade for many taxpayers as the year moves on. Taking time to review your return now allows you to identify what is likely to change this year and what may stay the same , and suvsequently make thoughtful decisions instead of reactive ones.
This is how we shift from simply filing taxes to using them as part of a broader financial plan.
Where to Start When Reviewing Your Tax Return
If you are not sure where to begin, here are a few areas I often guide those with investment accounts to look first:
Interest and Dividends
How are these being taxed relative to your marginal bracket? If you are in the highest Federal tax bracket (37%), it may be worth exploring more tax-efficient income sources such as municipal bonds and tax-efficient money market funds.
Capital Gains Distributions
Did your investments generate large taxable capital gains distributions? If this happens year-over-year, it may be worth evaluating more tax-efficient investment exchange traded funds that still maintain diversification.
Capital Gains Opportunities
Do you know which capital gains bracket you fall into (0%, 15%, or 20%)? If your taxable income places you in the 0% capital gains bracket, you may have an opportunity to sell funds, at no Federal tax impact!
Why MAGI Matters for Taxes and Medicare
MAGI—or your total income before certain deductions and credits—influences more than most people realize. Legislation under the One Big Beautiful Bill Act has changed rules related to State and Local Sales Tax (SALT) deductions, total itemized deductions, and tax benefits tied to tips or overtime (to name a few changes in particular).
And, if you are approaching or in Medicare age, it is valuable to know where your MAGI falls as it could impact your Medicare part B and Medicare part D healthcare premiums.
In short, it’s worth asking:
- What was MAGI last year, and what might change this year?
- Are you close to any applicable income thresholds or phaseouts?
- If so, are there opportunities to manage MAGI through strategies like tax-deferred retirement contributions, above-the-line charitable giving, or defer income to a future lower income tax year?
Alongside MAGI, understanding your taxable income—which is calculated after deductions and credits— can help answer:
- Whether you are close to the next tax bracket
- Or have room to recognize additional income this year in a tax-efficient way
And what about those pesky taxes due?
If you find yourself painfully surprised by how much you owe most years, this is your opportunity to right the train before you end up in the same spot next April. The good news is that you have options, and they can be adjusted at any stage of life.
If you’re working a W-2 job, you can increase the tax withholding on your paychecks. If you’re retired, you can adjust withholding on your Required Minimum Distributions, Social Security benefits, or pension income. You can also make quarterly estimated tax payments, which, for many people (especially those who are self-employed), ends up being the most straightforward approach.
The opposite problem can exist, too. Maybe you’re used to receiving large refunds every year. It can feel like a win—but in reality, it means you’ve been giving the government an interest-free loan all year long. Let’s keep more of that money in your pocket instead. If you’re not sure where to start, the Internal Revenue Service offers a helpful tool: https://www.irs.gov/individuals/tax-withholding-estimator
Reviewing your tax return for planning opportunities can feel overwhelming.
It is not always obvious which tool make sense to leverage (is this a good year for a Roth conversion?) or how each piece connects to the bigger picture (where do I think my income taxes will sit next year, or the year after?). That is where thoughtful, proactive planning comes in.
Curious how this type of review fits into your broader financial plan, let’s connect! hello@hylafinancial.com.
This material is intended for educational purposes only. You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. Advisory Services offered through Avise Financial Cooperative Inc, a Registered Investment Adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
