When I recently sat down with “Mark and Lisa”, they looked like many couples I meet this time of year: W‑2s spread across the meeting table, a stack of 1099s still trickling in, and that familiar question—“Are we missing anything?”
The good news is, most families aren’t missing some exotic tax trick. They’re missing a handful of simple, practical moves they can still make before the 2025 filing deadline that may lower their tax bill, strengthen their balance sheet, and reduce stress. None of what follows is individual tax advice—your situation is your own—so be sure to review these ideas with your tax advisor before you take action. This is the same conversation I’m having with clients like Mark and Lisa right now. And if you don’t currently work with a tax professional and would like an introduction, let me know—I can connect you with someone who fits your situation.
1. Top Off Your IRA (If It Fits Your Plan)
With Mark and Lisa, we started by asking a simple question: “Can you still add to your IRA for last year, and does it make sense for you?”
For some clients, a traditional IRA contribution can potentially reduce taxable income; for others, a Roth IRA is about building future tax‑free income. Which camp you’re in depends on your income, tax bracket, and broader retirement picture—something you’ll want to confirm with your tax advisor before you move money.
For them, a modest contribution helped check two boxes at once: moving closer to their retirement goals and improving last year’s tax picture.
2. Confirm You Used Your Workplace Plan
Before you hit “submit” on your return, I like to look back with clients at last year’s 401(k), 403(b), or SIMPLE IRA contributions.
We’ll ask: Did you at least contribute enough to get the full employer match? Are you on pace this year to do better, or are you repeating the same pattern of under‑saving?
If you underused the plan last year, tax time becomes a natural trigger to increase your payroll deferral now so you’re not having the same conversation again next spring.
3. Fund an HSA If You’re Eligible
If you’re in a high‑deductible health plan and have access to a Health Savings Account (HSA), there may still be time to make contributions for the prior year up to the tax deadline.
HSAs can offer a deduction going in, tax‑deferred growth, and tax‑free withdrawals for qualified medical expenses. Many families I work with use HSAs as a stealth retirement health‑care bucket, investing the funds instead of spending them immediately when cash flow allows.
The key is making sure your contributions, employer contributions, and any catch‑ups are all within the annual limits—something you can confirm with your tax advisor before you finalize your return.
4. Review Charitable Giving for Missed Deductions
A lot of generous people don’t realize how disorganized their giving looks on paper. They give regularly to their church, local nonprofits, and national charities, but at tax time they’re hunting through email and shoeboxes.
With clients, we gather receipts, acknowledgment letters, and donor‑advised fund statements to be sure everything is captured: cash gifts, appreciated stock donations, and any qualified charitable distributions from IRAs.
Even if you don’t itemize this year, tax time is still a chance to plan ahead. Bundling several years of giving into one year, or using a donor‑advised fund, can make your generosity more tax‑efficient and in the case of a donor-advised fund, possibly even more impactful for the charity—something to map out with your advisor and your tax professional together.
5. Check for Missed Deductions and Credits (With Help)
Another couple I work with almost skipped over a valuable credit because they assumed their tax software “caught everything.” When we walked through the year together, it turned out they had new education expenses and some energy‑efficient home improvements that never made it into the return draft.
That’s why I encourage clients to pause before filing and ask: Did anything change this year—new child, college expenses, caring for a parent, switching jobs, starting a business, buying health insurance through the marketplace?
Then we loop in their tax advisor to see whether education credits, dependent care credits, energy credits, or small‑business deductions apply in their situation. I can help you think through the life events; your tax advisor can tell you exactly how they should show up on the return. If you need a referral to someone who works well with situations like yours, tell me and I’m happy to connect you.
6. Clean Up Your Taxable Investment Accounts
Look at your non‑retirement brokerage accounts and review last year’s activity. With clients, we’ll often pull up statements and ask a few basic questions.
Is the cost basis information accurate, especially for older holdings or assets transferred from another firm? What did capital gains distributions look like? Were there realized gains and losses, and were there opportunities for tax‑loss harvesting that we missed?
Even if you can’t change last year now, this review sets you up for better trade discipline and tax planning in the current year—ideally in coordination with your tax advisor so everyone is working from the same playbook.
7. Consider Filing an Extension (Especially if You Have Non‑Qualified Accounts)
This is a conversation I have a lot with clients who hold non‑qualified (taxable) investment accounts. With how late 1099 reporting and corrections can come in now, rushing to file in early March can actually create more headaches.
One client with several taxable accounts was stressing because some of her 1099s hadn’t arrived, and a few had already been reissued as “corrected.” We had an honest conversation: Would you rather rush a return now and possibly amend it later, or give your CPA more time to work with final numbers?
In cases like that, I often suggest talking with the tax advisor about filing an extension. It doesn’t mean you’re trying to avoid the IRS—you still need to pay what you reasonably owe by the original deadline—but it can give you and your tax professional room to do careful work instead of racing a two‑week clock. The decision to extend is always made with the tax advisor, but I’ve seen it lower stress for both the client and the accountant, reducing the chance of missed opportunities.
8. Review Estimated Taxes and Withholding
If you had a surprise tax bill—or a huge refund—this is feedback from the system. It’s telling you your withholding and/or estimated payments weren’t lined up with reality.
With clients, we look at whether their W‑4 elections still make sense, and whether they should adjust withholding so their paycheck better matches their actual liability. For those who are self‑employed or have significant non‑salary income (consulting, K‑1s, rentals, etc.), we talk about a reasonable estimated payment schedule to avoid surprises and penalties.
Here again, the planning conversation happens with me, and the technical calculations get confirmed with the tax advisor.
9. Coordinate With Your Spouse or Partner
Many couples treat taxes as a one‑person sport: one partner handles everything, the other just signs. That usually leads to missed opportunities and miscommunication.
I encourage couples to sit down together at least once during tax season to review the return, key numbers, and what they mean. We’ll talk through big picture questions: Are we saving enough? Are we comfortable with our withholding? Are there changes coming (retirement, business sale, downsizing) that we should plan for now?
When both partners understand the basics, it’s easier to make decisions all year, not just when the accountant calls.
10. Tie Your Tax Return Back to Your Plan
Your tax return is a snapshot of how money flowed through your life last year. Don’t just file it—use it.
With clients, I’ll look at the return and highlight: total income, total savings to retirement accounts, total taxes paid, and how much of their cash flow is actually going toward long‑term goals. Then we compare that with their written financial plan or, if there isn’t one yet, we use it as the nudge to build one.
A return that matches your plan—and your values—is much more important than just the size of your refund.
Bringing It All Together
If you’re reading this and thinking, “I’ve let a few of these slip,” you’re in good company. Almost no one gets all ten perfect every year. The win is picking two or three moves you can act on before the 2025 tax filing deadline, and then building better habits going forward.
My role is to help you see the big picture, ask better questions, and coordinate your financial life with the right specialists. Nothing in this article is meant as specific tax advice—that’s what your CPA or enrolled agent is for. If you don’t currently have a tax professional you’re comfortable with and would like a referral, let me know. I’m happy to introduce you to someone who can look at your situation in detail while we keep our focus on your broader plan.