As Someone Who Is Working, What Issues Should I Consider When Reviewing My 2025 Tax Return?

What Should I Review Before Filing My Tax Return?

Reviewing your financial information before filing a tax return may help identify reporting issues, confirm tax documents have been received, and provide an opportunity to evaluate broader financial planning considerations.

A tax review is often more than simply gathering forms for filing purposes. Many individuals use the process to review income sources, retirement contributions, investment activity, withholding elections, and other aspects of their financial situation.

Review Income Sources and Tax Documents

A useful starting point is confirming that all income sources are accounted for before filing a return.

Depending on your circumstances, this may include:

• W-2 wage income.
• Self-employment income.
• Business income.
• Investment income.
• Rental income.
• Retirement distributions.
• Social Security benefits.
• Schedule K-1 income.

Individuals with multiple income sources often review tax documents carefully to confirm all reportable income has been received and accurately reported.

Review Retirement Contributions

Retirement accounts may provide both long-term savings opportunities and tax planning considerations.

Individuals commonly review contributions made to:

• 401(k) plans.
• 403(b) plans.
• Traditional IRAs.
• Roth IRAs.
• SEP IRAs.
• SIMPLE IRAs.
• Other employer-sponsored retirement plans.

Retirement contributions may affect current-year tax reporting and long-term retirement planning goals.

If you are evaluating broader retirement planning opportunities, you may find our resources on Roth 401(k) contributions and Roth conversions helpful.

Review Investment Activity

Investment accounts often generate tax reporting items such as dividends, interest, capital gains, capital losses, and other taxable events.

A review may include:

• Brokerage account activity.
• Capital gain and loss reporting.
• Dividend and interest income.
• Mutual fund distributions.
• Stock sales and cost basis records.
• Equity compensation transactions.

Understanding how investment activity affects taxable income may provide useful context for broader financial planning discussions.

Review Tax Withholding and Estimated Payments

Many individuals use the tax filing process as an opportunity to review whether withholding and estimated tax payments were sufficient during the year.

Changes in compensation, business income, investment income, retirement distributions, or other financial events may affect future withholding and tax planning considerations.

Reviewing these items periodically may help individuals better understand their overall tax picture.

Review Health Savings Accounts and Other Tax-Advantaged Accounts

Tax-advantaged accounts may create additional reporting requirements and planning opportunities.

Examples may include:

• Health Savings Accounts (HSAs).
• Flexible Spending Accounts (FSAs).
• Dependent care accounts.
• Education savings accounts.
• Employer benefit programs.

Individuals often review contributions, distributions, and supporting documentation for these accounts before filing a return.

Review Beneficiary Designations and Estate Planning Documents

While not directly related to tax filing, many individuals use annual financial reviews as an opportunity to revisit beneficiary designations and estate planning documents.

Items commonly reviewed include:

• Retirement account beneficiaries.
• Life insurance beneficiaries.
• Transfer-on-death designations.
• Wills and trusts.
• Powers of attorney.

Periodic review may help ensure documents continue to reflect current wishes and circumstances.

Evaluate Broader Financial Planning Considerations

A tax review may also provide an opportunity to revisit broader financial goals and planning priorities.

Examples may include:

• Retirement planning.
• Education funding.
• Debt management.
• Investment allocation.
• Cash flow planning.
• Business planning.
• Estate planning.

For additional educational resources, visit our free resource library.

If you are evaluating additional savings opportunities, you may also find our guide on accounts to consider if you want to save more helpful.

When Professional Guidance May Be Helpful

Tax returns often involve multiple areas of a person's financial life, including investments, retirement accounts, business income, real estate, and estate planning considerations. Individuals with more complex financial situations may benefit from coordinating with qualified tax professionals and financial advisors.

Brooks Wealth Management works with professionals, business owners, retirees, and families on a wide range of financial planning topics, including retirement planning, tax-aware financial planning, investment management, and wealth management. You can learn more about our approach on our pricing page.

About This Resource

This resource provides general educational information regarding tax reviews, financial planning considerations, and tax-related recordkeeping. Every individual's circumstances are different, and financial decisions should be evaluated based on personal goals, tax considerations, and applicable laws.

If you would like to discuss your situation, we invite you to schedule an introductory conversation.