Minimize stress during the tax filing season with this checklist.
JANUARY 2026
The 2025 tax season is here. As you prepare to file your individual income tax returns ahead of the April 15, 2026 federal deadline, we are available to partner with your tax professional to help make the filing process smoother.
Here are 5 actions to consider.
1. Gather all your tax-related documents
When it comes to tax preparation, much of the work is locating the records you’ll need to reference, or provide to tax professional, when you file. To help the filing process go more smoothly, consider organizing these documents in advance, even as you receive them, preferably in a central location.
The IRS requires many tax documents, such as W-2 forms and 1099 forms, to be delivered to taxpayers by Jan. 31 (or Feb. 15 for securities accounts) via mail or electronic means. If you’re itemizing deductions, you’ll also want to track down your records for deductible expenses ahead of time, such as charitable contributions.
Advice spotlight
Wait until you have all your 2025 tax documents to file your 2025 returns.
More complex investments may be subject to reclassification and amended tax information, or require Schedules K-1, which often arrive later than Forms 1099. As such, it may make sense to prepare a draft of your taxes, but wait to finalize and file them until later in the season.
2. Decide if an extension makes sense
If you’re expecting amended tax documents or foresee a situation where you won’t be able to meet the April 15 deadline, consider requesting an extension for your 2025 taxes. Depending on your situation, it may be better to obtain an extension and file the original return by the extended deadline, rather than file an amended tax return with the IRS at a later date.
A request for extension does not delay your requirement to pay your tax obligation. All remaining 2025 taxes due are required to be paid at the time of filing the extension.
For 2025 individual tax returns, the extended due date is Oct. 15, 2026. Contact your tax professional to help you make this decision.
3. Reduce your taxable income with a 2025 HSA contribution
If you’re in a high-deductible health plan, you might qualify for a health savings account (HSA). Your contributions are pre-tax, which reduces your taxable income. Withdrawals are also not taxed if used for qualified medical expenses.
The HSA contribution deadline for the 2025 tax year is April 15, 2026. The maximum total annual contribution for HSAs for 2025 is $4,300 for an individual account and $8,550 for a family. Those ages 55+ can make additional annual catch-up contributions of $1,000.
4. Meet the IRA contribution limit for 2025
IRA contributions made between Jan. 1 and April 15, 2026, can be designated for either 2025 or 2026. If you haven’t met your contribution limit for 2025, consider contributing to your traditional or Roth IRA by the April deadline. (You can do so in a lump sum if you’d like.) The maximum total annual contribution for traditional and Roth IRAs for 2025 is $7,000, or $8,000 if you are 50 or older.
5. Think ahead to next tax season
It may seem early to start strategizing for 2026 taxes. But the sooner you start, the more flexibility you’ll have to pursue tax strategies that could benefit you.
As you prepare your 2025 taxes, here are a few considerations to keep in mind for 2026:
Withholding status: Is your employer withholding too much, or too little, tax from your paycheck? If so, consider altering your withholding amounts for 2026. The earlier, the better.
Itemize or take the standard deduction for 2026? If 2026 is shaping up to be a year where itemizing could work, consider taking early steps to maximize the tax benefit.
- For example, you could increase your charitable giving – just make sure to save all records for donations if you decide to itemize.1
Tax credits: Are there any new credits or deductions you can qualify for in 2026? Work with a tax professional to determine if your planned purchases, improvements, or life changes might qualify based on your specific circumstances.
Retirement plan contributions: Contributions to certain retirement accounts, like a traditional 401(k), can help lower your taxable income for the year. The beginning of the year is a good time to determine how much you can contribute, as well as what type of account you’ll use.
We’re here to help with your year-round tax planning strategies
Smart tax strategies can help you keep more of your money and increase how much you save for your financial goals. We can work with you and your tax professional throughout the year to identify tax-saving opportunities that may benefit you.