10 Questions To Ask After You've Filed Your Tax Return

Every year you partake in the ritual of filing our taxes. Every year you know it's coming and every year you can implement a best practice as a good manager of your money: ask yourself, "what can I do to improve my situation from now until next year?"

Here are some questions you can ask yourself to help you learn the opportunity you have between now and next year:

1. Did I owe this year? If so, why? Did I withhold too little from my paycheck? Did I fail to report income previously? If self-employed, did I not save enough money specifically for taxes?
2. Did I get a refund? If so, why? Was my refund from withholding too much from my checks? What percentage of the refund was due to credits and refundable credits compared to my withholdings?
3. Am I better off itemizing or taking the standard deduction?
4. Did I properly deduct my business expenses?
5. When I review my Schedule C (FOR SELF-EMPLOYED INDIVIDUALS), where are the areas that I can reduce my spending/deductions and shift those funds towards my retirement or savings or other areas that are important to me, like marketing for my business?
6. Did I file late or at the last minute? Why? Am I not organized enough and if so what can I do NOW to be on time and ready in 10 months?
7. Do I have a folder for all my tax stuff (documents, receipts, 1099s, w2s, etc)?
8. What do you plan to do with your refund? What goals have you set?
9. If you owe, did you arrange an affordable payment plan?
10. If you’re considering starting a side business, do you see the opportunity it has to impact your tax filing moving forward? If not, do you know where to go get some education and support?

Okay, maybe it was more than 10.

Nevertheless, answer these questions and use your answers to help you think about next year. Are you pleased with your answers? Are there behaviors/strategies/solutions you want to stop-start-change-continue?

Be reflective and be a better money manager just by creating a small amount of time to see these tax returns from a different angle.

Remember, the numbers tell a story and they never lie. What story are your tax returns telling?

Thanks! Everything in divine order and happy start of Q2!

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