After you’ve filed your 2025 tax return, what’s next? It’s easy to move on to other things, but taking a little time to address some tax-related items now can help you stay organized and avoid issues later. Here are a few to-dos.
CHECK YOUR REFUND STATUS
If you’re getting a tax refund and haven’t received it yet, the IRS offers a couple of ways to check the status. Begin by visiting irs.gov and using the “Where’s my refund?” tool. If you’ve already set up an IRS account, you can sign in to check your refund and request email notifications for updates.
Alternatively, you can use the refund tracker. You’ll need your Social Security number or Individual Taxpayer Identification Number, your filing status, and the exact refund amount shown on your return.
FILE AN AMENDED RETURN IF NEEDED
If you discover receipts for deductible 2025 expenses that weren’t reported on your return, you may be able to file an amended return to claim those deductions and potentially increase your refund.
However, changes can affect other parts of your return, including your state return if applicable. We can review the impact and help ensure everything is filed correctly.
In general, you can file an amended return on Form 1040-X within three years of the date you filed your original return or within two years of the date you paid the tax, whichever is later. For example, if you filed your 2025 return on April 15, 2026, the deadline to claim a refund would generally be April 15, 2029.
In certain situations, you may have more time. For example, the statute of limitations for bad debt deductions is longer than the standard three-year window. In general, you may have up to seven years from the due date of the return for the year the debt became worthless.
TIDY UP YOUR TAX RECORDS
After filing your 2025 return, store your return and all supporting documents in a secure location where you can easily access them if needed. This is also a good time to organize or dispose of older records.
You should keep records for as long as the IRS can audit your return or assess additional tax. In most cases, this is three years after filing. For example, you may be able to discard records related to your 2022 return if it was filed by the April 2023 deadline.
Be aware that the statute of limitations extends to six years if income is understated by more than 25%.
Some records should be kept longer. Maintain copies of your filed tax returns indefinitely as proof of filing. There is no statute of limitations if a return was not filed or was fraudulent.
Keep records related to real estate or investments for as long as you own the asset, plus at least three years after the sale is reported. Similarly, retain retirement account records until the account is fully distributed and reported, plus three years.
TURN YOUR TAX FOCUS TO 2026 PLANNING
Once your 2025 return is finalized and your records are organized, it’s time to focus on 2026 planning. Taking a proactive approach now can help maximize tax savings and reduce last-minute stress.
We can help project your income, deductions, and credits and recommend strategies to implement throughout the year. Contact us to get started.