10 Things to Do After Filing Your Taxes (Avoid Penalties & Keep More Money)

CPA and certified private wealth advisor Stephen Lee explains that filing taxes is only the starting point and outlines 10 actions to take after filing to avoid penalties and optimize next year’s taxes: track your refund using the IRS “Where’s My Refund” tool, review your return for errors and save all supporting documents, adjust your W-4 if your refund or balance due was large, update quarterly estimated taxes if you have 1099 or self-employment income, set up an IRS online account to view transcripts and notices, respond immediately to IRS letters, plan proactively for next year’s strategy, organize and digitize records for at least three years, meet with a tax professional—especially if you earn over $200,000 or own a business—and update addresses, banking, and direct deposit information to prevent delays.

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00:00 After Filing Matters

00:46 Track Your Refund

01:12 Review Return Details

01:36 Fix Your W-4

01:52 Adjust Estimated Taxes

02:12 Set Up IRS Account

02:33 Handle IRS Notices

02:51 Plan Next Year Now

03:06 Organize and Digitize

03:17 Meet a Tax Pro

03:34 Update Your Info

03:51 Bottom Line Wrap-Up