Tax season may be over, but your financial responsibilities don’t stop there. At Peavy and Associates, we believe the time immediately after filing is one of the most important periods for thoughtful planning. Whether you’re an individual taxpayer or a business owner in South Carolina, taking a few simple steps now can save time, reduce stress, and put you in a better position for next year.

Here’s your essential post-tax season checklist.

1. Review Your Return for Accuracy and Opportunities

Even if your taxes have already been filed and accepted, it’s worth taking a second look. Review your return with your accountant to ensure everything was reported correctly. This is also a good opportunity to identify potential tax-saving strategies for the year ahead, such as adjusting your withholdings or increasing retirement contributions.

2. Organize and Store Your Tax Documents

Keep copies of your filed return and all supporting documents in a safe and secure location. This includes W-2s, 1099s, receipts for deductions, and any other relevant paperwork. You may need these documents for future reference, audits, or loan applications. At Peavy and Associates, we recommend maintaining digital backups in addition to physical copies.

3. Adjust Withholding or Estimated Payments

If you owed more than expected or received a large refund, it might be time to adjust your paycheck withholdings or quarterly estimated tax payments. The goal is to avoid surprises at tax time and better manage your cash flow throughout the year. Our team can help you recalibrate your numbers based on your current financial situation.

4. Plan for Next Year’s Deductions

Now is a great time to start organizing your finances with next year in mind. Think about charitable donations, home improvements, education expenses, or business investments you may want to make in the coming months. Documenting these as you go will make next year’s filing process smoother and more accurate.

5. Schedule a Mid-Year Tax Planning Session

Waiting until the end of the year to address your tax strategy can limit your options. A mid-year tax planning session with Peavy and Associates allows us to evaluate your current income, deductions, and goals—helping you make proactive decisions before the year is over.

6. Consider Retirement Contributions

If you haven’t yet maxed out your contributions to retirement accounts like an IRA, 401(k), or SEP IRA, now is a good time to revisit your plans. Increasing your contributions not only helps secure your future but can also provide meaningful tax benefits.

7. Stay Alert for IRS Correspondence

Even if everything went smoothly, keep an eye out for any mail from the IRS. Occasionally, the IRS may follow up with questions or notices related to your return. Don’t panic—just reach out to your accountant right away to review and respond appropriately.

Let Peavy and Associates Help You Stay Ahead

Tax filing may be complete, but smart financial management is a year-round effort. At Peavy and Associates, we’re here to help you plan ahead, make informed decisions, and keep your financial life on track long after April 15.

Contact us today to schedule a post-tax season review or mid-year planning session. We proudly serve individuals and businesses across South Carolina with trusted, personalized accounting support.