The end of tax season brings a collective sigh of relief—and often, a temptation to push all things financial to the back burner until year-end rolls around again. But for those who take a moment to pause and reflect, the weeks following April 15th present a powerful opportunity to look beyond tax returns and take stock of your broader financial life.
May is a season of renewal and transition—a perfect time to realign your finances with what matters most.
Tax Season Insights: What Did the Numbers Reveal?
Tax season isn’t just about filing. It’s a rare window into the relationship between your income, spending, savings, investments, and charitable giving. If you found yourself surprised by what you owed—or by how little you withheld—you’re not alone. These surprises, though frustrating, often highlight planning gaps worth addressing now while the details are still fresh.
Here are a few smart moves to consider in the wake of tax season:
- Adjust Withholding or Estimated Payments
If you received a large refund or owed more than expected, review your tax withholding or quarterly estimated tax payments. Small adjustments now can help avoid cash flow disruptions next April.
- Revisit Charitable Giving Strategies
If you’re over 70½ and making charitable contributions, are you using Qualified Charitable Distributions (QCDs)? Would a donor-advised fund allow you to bunch deductions or support multi-year giving goals more tax-efficiently?
- Re-evaluate Retirement Contributions
Now is a great time to assess whether you’re on track with your 2025 contribution goals. Consider:
- Increasing deferrals to your 401(k) or 403(b)
- Leveraging catch-up contributions if you’re over 50
- Contributing to a Roth or backdoor Roth IRA, if eligible
- Maximizing HSA contributions if you’re in a high-deductible health plan
Personal Planning: Where Are You Now?
Spring often brings lifestyle transitions: graduations, travel, home improvements, new jobs, or evolving caregiving roles. These personal changes often come with financial implications. Use this season to step back and ask:
- What does the next chapter look like? Are Your Goals Still the Same? And is my plan supporting it?
Has your vision for the next five to ten years shifted? Whether it’s an earlier retirement, downsizing, relocating, or launching a business, your planning should reflect your updated path.
- Is Your Emergency Fund Sufficient?
Are monthly spending habits still aligned with your values and goals? If you dipped into reserves over the past year, consider creating a plan to replenish. A healthy cash cushion can provide peace of mind and protect long-term investments during times of uncertainty.
- Is It Time to Revisit Your Gifting Strategy?
Whether you’re supporting adult children or helping grandkids with education, gifting can be both meaningful and tax-savvy. Would formalizing a gifting strategy add clarity? Reassess:
- Annual exclusion gifting ($18,000 per recipient in 2024)
- 529 contributions
- Intrafamily loans or trusts
Life Planning: The Bigger Picture
This time of year can also be ideal for tackling the “soft” but critical areas of your financial plan—the things that don’t show up on a tax return but deeply impact your peace of mind.
- Update Estate Planning Documents
Have you reviewed your will, power of attorney, or healthcare directive in the last three years? Have any major life changes—marriages, births, relocations—warranted updates?
- Check Beneficiary Designations
These simple but often-overlooked details can override even your will. Review your IRAs, 401(k)s, life insurance, and TOD/POD accounts to make sure everything reflects your wishes.
- Consider Long-Term Care
If you’re in your 50s or 60s, start thinking about how you’ll manage potential long-term care needs. Do you have a plan in place—or at least a strategy for how you’ll make that decision when the time comes?
A Planning Mindset, Not a Season
The goal of financial planning isn’t to check boxes once a year. It’s to create a framework that supports confident, values-driven decisions—year-round. The clarity that comes after tax season can serve as a launching point for deeper alignment.
You don’t need to tackle everything at once. But May offers a moment of space and perspective. Use it to your advantage.
Whether you’re looking to streamline, reassess, or simply stay organized, now is a wonderful time to reconnect with your goals and make sure your money is working in service of your life—not the other way around.
Allison K. Dubreuil, CFP®
Director
Disclosures:
This is provided for informational purposes only and should not be interpreted in any way as investment, tax, accounting, legal or regulatory advice. An investor must take into consideration his/her individual circumstances.
There is no guarantee investment strategies will be successful. Investing involves risks including possible loss of principal. There is always the risk that an investor may lose money. A long-term investment approach cannot guarantee a profit. All expressions of opinion are subject to change. This article is distributed for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Investors should talk to their wealth advisor prior to making any investment decision.
