Spring Cleaning After Tax Season
Alex Stanton
Spring cleaning is not just for your home—it's also a crucial time to tidy up your finances, especially after tax season. For many, filing taxes is a task met with a mix of relief and trepidation, marking the end of one financial year and the beginning of another. This transition period offers a prime opportunity to organize your financial landscape and plan ahead. At Stanton Advisory Group, we're diving into essential post-tax season organization and planning strategies. Whether you're working or retired, the completion of your taxes opens the door to financial clarity and preparation for the future. Join us as we explore some frequently asked questions that can guide you through this process.

How can I get organized after completing my taxes?
A: Start by reviewing your tax return to understand your income sources, deductions, and any tax liabilities or refunds. This exercise can illuminate areas for improvement or adjustments in your financial plan. Next, organize your financial documents. Create a system to keep track of important receipts, statements, and documents throughout the year. This system will not only ease your next tax season but also help in monitoring your financial health.

What should I consider for next year’s taxes, now that this year’s are done?
A: Reflect on the past year’s tax return. Identify opportunities for tax savings or strategies you may have overlooked. Consider if there were any unexpected tax outcomes and why they occurred. This understanding can guide you in adjusting withholdings or quarterly tax payments, maximizing contributions to retirement accounts, or investing in tax-advantaged accounts.

Why is spring a good time for a financial review?
A: Spring symbolizes a fresh start and is the perfect time to review and reset your financial goals. The tax season provides fresh financial data and insights into your income, expenses, and potential tax strategies. This makes it an ideal time to reassess your financial plan with an advisor, ensuring you’re on track for your goals and making any necessary adjustments.

How can Stanton Advisory Group help with post-tax season planning?
A: At Stanton Advisory Group, we understand that financial planning is a year-round endeavor. Similar to how some manage the burden of annual spring cleaning by spreading it throughout the year, tax planning also requires attention at various points, not just during the tax-filing season. We can assist you with:
  • Tax-loss harvesting: To offset capital gains with any capital losses and potentially lower your taxable income.
  • Tax-aware asset allocation: Considering the tax implications of different accounts to increase after-tax returns.
  • Tax-favorable investments: Exploring investments like municipal bonds, tax-efficient mutual funds, and 529 plans for their tax advantages.
How do I schedule a consultation with Stanton Advisory Group?
A: Ready to spring clean your finances? We invite you to schedule a consultation or meeting with us. Our team is eager to assist you in reviewing your financial plan, exploring tax-efficient strategies, and setting you up for success in the coming year. Contact us today to take the next step towards a well-organized financial future.

At Stanton Advisory Group, we believe in proactive, year-round financial planning. Let’s work together to ensure your financial house is in order, ready to grow, and protected against unforeseen taxes. Schedule your consultation now and make this spring the start of your financial refresh.