With another tax filing season complete, most American families are looking forward to ignoring their tax priorities for another 10 months.

Filing your tax return is not an exercise most of us look forward to, but a well-considered tax strategy is an essential part of smart financial planning.

Instead of waiting until February to revisit your taxes, here are five things you should prioritize to level up your tax planning:

Minimize your refund

It feels good to cash a large check (or receive a direct deposit) after your tax return is complete, but remember that’s your money coming back to you. A big refund usually means you gave the government an interest-free loan for the previous 12 months, when the money could have stayed in your pocket or, even better, grown larger in your investment portfolio. There are minimum tax thresholds you need to pay throughout the year to avoid penalties, but breaking even (owing nothing upon tax filing) is an appropriate objective. If you end up with thousands of dollars coming back to you, there’s a good chance that strategy cost you money overall.

Adjust your W-4 form

Anyone who earns a salary has to decide how much tax withholding will apply to regular paychecks. Filling out the W-4 is a mandatory part of the process when starting a new job, but too often, that’s the last time employees think of it. You’ll want to update your W-4 form if you get married or divorced, have a child, start a side hustle or buy an investment property. Married couples should also keep their spouse’s W-4 elections in mind since it’s combined withholding that matters most.

Social Security and IRA withdrawals

Retired couples often think of themselves as having no income, but most will owe taxes from collecting Social Security and making IRA withdrawals. Social Security benefits might be subject to federal taxes (how much depends upon your total income) and eight states, including Minnesota, impose state taxes as well. Tax withholding from Social Security is not mandatory but should be considered depending on your circumstances. Withdrawals made from traditional and beneficiary IRAs are subject to both federal and state taxes. Withholding an appropriate amount at the time these withdrawals are made is especially important for retired couples who are not making quarterly tax pre-payments.

Charitable giving and QCDs

Charitable giving is an important part of tax and estate planning, and the rules have evolved in recent years. Itemizing charitable gifts became harder when the standard deductions roughly doubled in 2018. Beginning in 2026, however, non-itemizers can deduct up to $1,000 ($2,000 for married couples) above the standard deduction. Qualified Charitable Distributions (QCDs) is a fancy way of saying “donations made using IRA dollars,” which can be beneficial for anyone subject to Required Minimum Distributions from retirement accounts (typically, people age 70 or older). Donor-Advised Funds are a type of charitable investment account that allow you to claim a tax deduction even if you’re not ready to decide which organization to donate to.

Find a good CPA and financial adviser

It’s not wrong to do all the tax planning on your own, but a sharp accountant will likely save you money, not to mention the time and stress of doing all the work yourself. Make sure your investment adviser is tax-savvy as well. Working with an adviser who implements tax-loss harvesting, retirement withdrawal strategies and Roth IRA conversions should be the expectation, not the exception. It should be a coordinated effort to make sure your investment strategy and tax strategy are working together efficiently with your best interests in mind.