Post-Filing Tax Strategies: Planning Ahead for Next Year

1. Review Your Filed Tax Return for Missed Opportunities

Once your taxes are filed, take a step back and analyze your return to see what worked—and what didn’t. 

Key Areas to Review: 

✔ Deductions & Credits – Did you claim all eligible deductions, such as business expenses, depreciation, and R&D tax credits? 

 ✔ Taxable Income – Were there ways to lower your taxable income, such as contributing more to retirement plans or deferring revenue? 

 ✔ Entity Structure – Does your current business entity (LLC, S-Corp, C-Corp) still provide the best tax benefits? 

 ✔ Estimated Tax Payments – Did you pay too much or too little in estimated taxes throughout the year? 

Action Step: If you spot errors or missed deductions, you may be able to amend your return to correct them and recover potential savings. 

2. Analyze Cash Flow & Tax Liabilities

Your tax return is a financial snapshot of your business. Use it to evaluate cash flow and tax efficiency to ensure your company is operating optimally. 

Key Questions to Ask: 

•  Did tax payments affect cash flow more than expected? 

•  Are there ways to smooth out tax liabilities next year? 

•  Would adjusting payroll, dividends, or owner draws improve tax efficiency? 

Action Step: Work with a Fractional CFO to assess how tax planning can align with cash flow strategies for next year. 

3. Adjust Your Business Strategy Based on Tax Insights

Your tax return can reveal financial trends that impact growth and profitability. Now is the time to adjust your strategy to ensure a stronger financial position next year. 

Strategies to Implement Now: 

• Leverage Section 179 & Bonus Depreciation: Plan capital expenditures strategically to take advantage of tax benefits. 

• Optimize Payroll & Contractor Payments: If your business uses both employees and independent contractors, reassess payment structures for tax efficiency. 

• Maximize Retirement Contributions: Tax-advantaged retirement plans can lower taxable income while supporting long-term financial security. 

• Refine Tax Withholding & Estimated Payments: Avoid underpayment penalties while ensuring you’re not overpaying throughout the year. 

Action Step: Meet with your financial team to adjust budgets and cash flow forecasts based on tax learnings. 

4. Implement Record-Keeping Best Practices

One of the biggest tax pitfalls businesses face is poor record-keeping, which can lead to missed deductions and IRS scrutiny. 

Steps to Improve Tax Documentation: 

✔ Automate Expense Tracking – Use accounting software to categorize business expenses in real time. 

 ✔ Maintain Clear Payroll Records – Ensure accurate W-2 and 1099 reporting. 

 ✔ Keep Receipts & Business Documentation – Store proof of deductible expenses in case of an audit. 

 ✔ Document Business Deductions & Asset Purchases – Ensure accurate depreciation calculations for tax purposes. 

Action Step: Set up a monthly or quarterly financial review to keep records organized and tax-ready year-round. 

5. Start Tax Planning for the Next Year—Now

The best tax strategies aren’t built in March or April—they start immediately after filing. Being proactive allows you to take advantage of opportunities that require planning, such as retirement contributions, tax credits, and depreciation strategies.

What to Do Now: 

• Schedule a Mid-Year Tax Review – Meet with your tax advisor by Q3 to make adjustments before year-end. 

• Monitor New Tax Law Changes – Stay informed on potential legislative updates that could impact deductions, rates, or credits. 

• Implement a Tax-Efficient Growth Strategy – If your business is scaling, review entity structure, tax credits, and financing options to minimize liabilities. 

Action Step: Establish a tax strategy calendar to stay on track with tax deadlines and planning milestones.