A simple checklist to help reduce stress and avoid surprises this tax season.
As the tax filing deadline approaches, many people assume their options are limited once the calendar year ends. In reality, there are still several important steps you can take before April 15 to help reduce surprises, improve accuracy, and feel more confident about filing your return.
Here are five actions worth reviewing before you submit.
Gather and Review Your Tax Documents
Before filing, make sure you’ve received all the documents needed to prepare an accurate return. These may include:
- W-2s and 1099s
- Investment and brokerage statements
- Records for deductible expenses such as charitable donations or medical costs if you’re itemizing deductions
Check Whether You Can Still Contribute to a Retirement Account
If you’re eligible, you may still be able to make a contribution to certain retirement accounts before the April 15 filing deadline and have it count for the prior tax year. This can be one of the most impactful last-minute tax moves available.
For 2025, IRA contribution limits are:
- $7,000 if you’re under age 50
- $8,000 if you’re age 50 or older (including catch-up contributions)
These limits apply across both traditional and Roth IRAs combined, meaning your total contributions between the two cannot exceed the annual limit.
Depending on the type of account:
- Traditional IRA contributions may reduce taxable income, subject to income limits and workplace plan participation
- Roth IRA contributions are made with after-tax dollars but can provide tax-free growth and withdrawals in retirement
Even if you already contribute regularly to a 401(k) or other employer-sponsored plan, an IRA contribution may still be an option that’s worth reviewing before you file.
See If an HSA Contribution Makes Sense
If you were covered by a qualifying high-deductible health plan last year, you may still be able to contribute to a Health Savings Account (HSA) before the tax filing deadline.
For 2025, HSA contribution limits are:
- $4,300 for individual coverage
- $8,550 for family coverage
- An additional $1,000 catch-up contribution if you’re age 55 or older
HSA contributions can reduce taxable income and may be used to pay for qualified medical expenses now or in the future. Reviewing eligibility and contribution amounts before filing can help ensure you’re not overlooking a flexible planning opportunity.
Review Investment Activity to Review Tax Impact
Even if you didn’t make many changes to your investments last year, it’s still worth reviewing how your investment activity may affect your tax return.
Investment income can come from several sources — including gains from selling investments, dividends, interest, and distributions from mutual funds or ETFs. Some of this income may be taxed at ordinary income rates, while other amounts may receive more favorable tax treatment.
Before filing, consider:
- Reviewing investment income, gains, and losses reported on your statements
- Understanding how dividends and distributions are taxed
- Confirming that investment-related information is reported accurately
For many people, this review helps explain why their tax bill looks the way it does, even in years when they didn’t actively trade. A financial advisor can help connect investment activity with tax reporting and discuss how more tax-aware strategies, such as managing the timing of sales or using losses strategically, may fit into a longer-term investment approach.
Confirm Deductions and Think Ahead
Before submitting your return, it’s worth confirming that deductions and credits you may qualify for are being captured correctly. This can include reviewing charitable contributions, education-related benefits, and other common deductions.
Tax season can also be a good time to look ahead:
- Did you owe more than expected or receive a large refund?
- Do your current withholdings still make sense for the year ahead?
- Are there planning opportunities you want to be more intentional about going forward?
Taking a few minutes to review your return can make next tax season smoother and more predictable.
Bringing It All Together
Filing your tax return isn’t just about meeting a deadline. It’s an opportunity to make sure your financial decisions are aligned and nothing is overlooked.
A First Community Trust Wealth Advisor is available to partner with your tax professional to help ensure that savings decisions, investment activity, and tax reporting are coordinated, giving you greater clarity both at filing time and throughout the year.