Every spring, working professionals across the country sit down to “do their taxes.” Maybe you upload a few documents to your CPA, get your return filed, and breathe a sigh of relief once the refund (or the bill) is finalized.
And then? You move on.
But here’s a hard truth most people miss: Tax filing is not the same as tax planning.
The Reality of Rearview Mirror Tax Work
Most people assume their CPA or accountant is proactively managing their tax strategy. After all, isn’t that what you’re paying them for?
Not exactly.
CPAs do incredibly valuable work—but their role is often to report the past, not shape the future. They’re tasked with preparing and filing your return accurately, in compliance with the tax code. But by the time you hand over your paperwork, it’s already too late to implement many of the best strategies.
Why? Because most impactful tax moves have a hard deadline: December 31st.
That includes:
- Roth conversions
- Tax-loss harvesting
- Strategic charitable giving (like donor-advised fund contributions)
- Retirement plan contributions (outside of IRAs and a few exceptions)
- Income shifting between calendar years
- & more
By the time your return is being finalized, these windows are already closed. The opportunity has passed. And no amount of filing expertise can retroactively optimize what wasn’t planned for in advance.
This Isn’t a Knock on CPAs
Let’s be clear: this isn’t about pointing fingers. Your CPA is doing exactly what they’re paid (and trained) to do — report what already happened.
But if you want to take control of your long-term tax picture — and stop overpaying the IRS year after year — you need more than a tax preparer. You need a proactive tax strategy. And that starts with forward-looking planning, ideally integrated into your overall financial plan.
A Checklist for Forward-Looking Tax Planning
That’s why I am posting the above tax return review checklist designed for individuals still working.
It’s designed to help you:
- Spot missed opportunities from last year
- Identify areas to improve for the current year
- Know what to ask your advisor or CPA about now (not next April)
This is just one of the many resources I regularly share through my newsletter.