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What to Do After You File Your Tax Return

Tax season can be stressful, depressing, and take up a lot of your free time. However, unless you’ve filed for an extension, hopefully your 2018 taxes are now behind you and you can start to… work on next year’s taxes.

Looking at how you’re handling your finances may not be the first thing you want to do after you’ve filed your taxes, but doing just that can help you when you’re filing your 2019 taxes.

Here are a few quick tips to get you motivated and keep you in the mood of looking at your finances when the appeal may be low.

Redo Your Budget

If you’re going to start a new budget or add a few tweaks to your current one based on new information, now is a great time to start. Sure, you can also start January 1, but right after you file taxes may be a better time since you’re in the groove of looking at your finances. You might as well continue to do just that.

Check Your Credit

Most people don’t check their credit reports unless they get a notification or a letter in the mail that they need to. However, by taking a look at your credit report(s) after you’ve completed your taxes you’ll be better equipped to make sense of any irregularities since you and perhaps your tax preparer have already been going over your finances leading up to April 15.

Check Your Withholdings

Did you withhold too much last year? Not enough? If you’re going to make changes to your withholdings, do it right after your taxes are filed to make sure you don’t go any longer with any irregularities.

Save, Save, Save

It seems like everyone seems to want to save more, but taking that first step can be tough. You’ve just seen all of your finances and are more aware of them than you may be at any point throughout the year. Start saving right away. What better way to use your possible return?

Speak with a Professional

Saving money can be as easy as putting it in a savings account, but if you really want your investments to work for you, you’ll need to talk to a professional who can help you identify and then reach your financial goals.

We’re always happy to speak with you at Raymond James!

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