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It might feel too early to think about next year’s taxes right after filing this year’s return, but preparing in advance can save you time, money and stress when next tax season rolls around. A little proactive planning now can help you avoid surprises, maximize deductions and keep your finances on track. Here’s how to get started.
If you don’t already have a filing system in place for taxes and other important documents, now is the time to create one. Set up a single, easy-to-access spot—digital or physical—so you can quickly add new documents as they come in. The goal isn’t just organization; it’s efficiency. When next tax season rolls around, you’ll spend minutes finding forms instead of hours digging through piles of paper or scattered files. I like to keep a digital folder on my computer and add new documents as soon as they arrive—it’s a small step that makes filing so much less stressful when the time comes.
With your new filing system in place, start by collecting last year’s tax returns and other relevant documents. Digital copies are just as helpful as paper ones. Having this information ready gives you—or your tax preparer—a head start next year. Many deductions or write-offs from last year may apply again and it makes calculations easier.
Were you unhappy with this year’s outcome? Maybe you owed more than expected or received a smaller refund than you wanted. Adjusting your withholding now can help.
Simply contact your HR department to update your W-4 form. Use the IRS withholding calculator or consult your tax professional to determine the right amount. This one small step can make a significant difference on next year’s return.
Keeping tabs on potential deductions throughout the year saves a headache later. Some common deductible expenses include:
Pro tip: Set up a monthly or quarterly calendar reminder to track deductions. Use spreadsheets, digital folders or smartphone apps to store receipts and statements. The more you deduct, the less taxable income you’ll have.
Besides W-2s and 1099s, keep track of:
If you didn’t sell any investments during the year, this last item isn’t necessary, but otherwise, tracking these now makes filing easier later.
Going digital is the fastest way to receive refunds and stay organized. Setting up direct deposit allows your refund to go straight into your account—no waiting for a check.
If you’d like your refund deposited directly into your BrightBridge account, you’ll need your account number and the BrightBridge routing number (211384926).
• In the mobile app or online banking, select the account where you want your refund deposited.
• In the mobile app, tap ‘Show Detail.’
• In online banking, click ‘Account Details.’
• Use the ACH Account Number listed there when completing your tax return.
You can also set up automatic payments if you owe taxes. Keeping your banking and ID information handy makes the process quick and seamless.
Preparing for next year’s taxes doesn’t have to wait until January. By organizing your documents, tracking deductions and adjusting withholdings, you’re setting yourself up for a smoother, more efficient filing process. The effort you put in today can save you hours of stress and potentially put more money back in your pocket.
Learn more about taxes and other financial tips by exploring our Financial Education resources: BrightBridge Money Matters
Category: Saving & Investing Money
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Picture this: your college-age granddaughter calls, distraught, begging you to wire money because she’s “stranded abroad.” You had no idea she was traveling. In a panic, you send the funds, only to find out later that she’s perfectly fine. Sadly, scenarios like this are all too common.
Instead of splurging on impulse buys, treat your refund as an opportunity to strengthen your financial foundation, reduce debt and prepare for future expenses. Planning ahead can help you use it wisely and make a lasting impact on your financial health.
It might feel too early to think about next year’s taxes right after filing this year’s return, but preparing in advance can save you time, money and stress when next tax season rolls around. A little proactive planning now can help you avoid surprises, maximize deductions and keep your finances on track. Here’s how to get started.
