Once you finish filing taxes for the year, you can breathe a sigh of relief. That big to-do is done. But before you stash away your return and receipts, experts say you should set aside some time to review them.
“Proactive planning now can help minimize surprises and better align your tax situation with your financial goals,” Anna Stepan, tax partner at Maxwell Locke & Ritter, said in an email.
But where should you start?
2024 Tax Review Checklist
Here are six key elements to review from your 2024 taxes.
1. Withholding and Estimated Payments
Whether you make estimated tax payments or have income withheld by your employer, review how the amounts you paid throughout 2024 impacted your final tax balance or refund. Overpaying gives the IRS an interest-free loan, while underpaying can result in penalties.
Adjusting your withholdings is especially important if you’ve undergone a big change, such as having a baby, buying a house, starting a new job, getting a bonus or getting a salary increase.
“If you had any of the life changes mentioned, you should adjust your withholding using Form W-4, which helps you estimate your withholding from your paycheck,” Lisa Greene-Lewis, tax expert and spokesperson at TurboTax, said in an email.
Also, consider if you’d like more money available during certain seasons. “If you are a W2 wage-earner, it may make sense to adjust your W-4 strategically, which can be a big help,” Nikhil Agharkar, managing member and owner of Crowne Point Tax and Wealth Counsel, said in an email.
It’s common to have fewer big expenses at the beginning of the year, but more in the summer and around the holidays. “Knowing that, it may make sense to increase your withholdings at the beginning of the year and reduce them as the year goes on,” Agharkar said.
And don’t forget about state withholdings. “Many people overlook state income tax withholdings, which can end in disaster,” Agharkar added.
2. Contributions to Tax-Advantaged Accounts
If your tax bill was higher than you’d like in 2024, consider increasing your contributions to tax-advantaged accounts like a 401(k), traditional IRA, 529 plan or health savings account (HSA). In addition to reducing your taxable income, they can help you save for retirement, medical expenses and education costs.
In 2025, you can generally contribute up to the following amounts per account type:
— 401(k): $23,500
— Traditional IRA: $7,000
— 529 plan: No federal contribution limit, but subject to the $19,000 annual gift tax exclusion and any applicable state limits
— HSA: $4,300 for self-only coverage, $8,550 for family coverage
3. Business Details
If you file taxes for a business, you’ll want to review those forms, too. “Review your entity structure, deductible expenses and the timing of income and expenditures,” Stepan said. Ensure you maximize deductions and use the most advantageous entity structure for your situation.
4. Healthcare Premium Tax Credits
If you get your health insurance through the Marketplace and receive premium tax credits, check if you had to repay them when you filed taxes.
“Premium credits are based on an estimate, which means if your actual earnings are different, you could owe money when you file your taxes. There is an annual reconciliation done via your tax return,” John Matras, a certified public accountant and founder of JMMatras CPA Incorporated, said in an email.
To avoid having to repay premium tax credits at the end of the year, it’s important to estimate your income accurately.
“Report any income changes and life changes (raises, cuts, bonuses, marriage, child, etc.) to HeathCare.gov right away,” Matras said. He also recommended taking a smaller monthly subsidy to ensure your premiums aren’t too large.
[10 Common Life Events That Can Impact Your Taxes]
5. Capital Gains
If you had capital gains in 2024 and expect more in 2025, review how they impacted your tax bill and if you’d like to make any changes going forward.
Stepan said you can plan for capital gains by holding investments for at least one year before selling, which qualifies them for the lower long-term capital gain tax rate. “Another strategy is to offset large gains with investment losses, also known as tax-loss harvesting,” she said.
[READ: Profit and Penalty: The Financial Impact of Rising Capital Gains Taxes]
6. Itemized Deductions
, consider how you can maximize your write-offs in the coming year. “Timing charitable gifts or medical expenses could improve deductions through a bunching strategy,” Stepan said.
You’ll also want to make sure you’re not missing any deductions you could be claiming.
“If you aren’t asking yourself if you’ve looked at every available itemized deduction — from retirement account contributions or charitable giving — you could be leaving significant sums of money to the government, rather than your wallet,” Agharkar said.
[Read: What’s the Difference Between a Tax Credit and a Tax Deduction?]
Upcoming Tax Changes in 2025
As you plan for 2025, it’s essential to be aware of tax changes that could impact you. For example, several provisions from the Tax Cuts and Jobs Act (TCJA) are set to expire at the end of 2025.
If they do, Stepan said we may see various changes that could lead to higher federal tax liabilities, such as higher individual tax rates, a reduction to the child tax credit and the expiration of the qualified business deduction. All the more reason to ensure your tax strategy is in the best shape possible.
Improve Your Tax Strategy for 2025
Taking an afternoon to review your tax return can be time well spent.
“Reflect on what caught you off guard — whether it was a large balance due, missed deductions or trouble organizing tax records. Use those insights to build better habits moving forward,” Stepan said.
With a careful look back, you can turn this year’s lessons into next year’s wins.
More from U.S. News
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Beating the IRS: How to Dodge the Surge Penalty
How to Choose the Right Tax Professional
Here’s What You Can Learn From the Taxes You Filed in 2025 originally appeared on usnews.com
Update 05/14/25: This story was published at an earlier date and has been updated with new information.
