Tax season is here again. Even if it’s not exactly something you look forward to, it’s a lot less stressful when you get ahead of it. If you tend to fall into the 20–25% of Americans who file at the last minute, you’re obviously not alone; but waiting until the deadline is closing in usually makes the process feel more rushed and overwhelming. A little preparation now can save you time, stress, and unnecessary scrambling later.
Here are three simple tips to help you get ready for tax season.
1. Take Advantage of Deductions and Credits
Benjamin Franklin may have declared “nothing is certain except death and taxes,” but that doesn’t mean you can’t do your best to minimize your tax bill. Fortunately, there are multiple strategies that will not only benefit you this tax season but also give your financial future a boost.
Deductions
While the window may already be closed for 2025, maximizing your retirement savings is an optimal way to also save on your taxes by generally reducing taxable income. If your employer offers a 401(k), you can contribute up to $24,500 in 2026. People aged 50+ can contribute an extra $8,000 (total $32,500) to 401(k)s and similar plans, with a special $11,250 (total $35,750) catch-up for ages 60-63. If you don’t have the opportunity to save through an employer-sponsored plan, generally you can still invest in an IRA for the prior year (2025) up until you file your return or the filing deadline of April 15th. IRA contribution limits for 2025 are $7,000 per person and $7,500 per person in 2026 under age 50. For those age 50 or older, they can contribute an extra catch-up of $1,000 for 2025 and $1,100 for 2026. And although Roth 401(k) and Roth IRA contributions may not provide deductions, they still promote tax-free growth for the future.
Contributions to HSAs are also an excellent vehicle for reducing your total taxable income. The 2026 contribution limits for HSAs are $4,400 for an individual and $8,750 for a family. You can also make a $1,000 catch-up contribution if you are over 55. For the 2026 tax year, you have until April 15th to contribute to HSAs to benefit from this deduction.
Some additional deductions that could apply are state and local taxes, charitable giving, state sales tax on major purchases, student loan interest, and medical and dental expenses.
Credits
While filing taxes can feel painful, depending on your situation, you may be able to benefit from a variety of credits to decrease your overall tax burden. Unlike deductions, which reduce the amount of your adjusted income that is subject to taxes, credits offset your taxes owed directly dollar-for-dollar, meaning they are generally more valuable than deductions.
Many Americans qualify for the Earned Income Tax Credit, and if you or your children attend post-secondary education, you could benefit from the American Opportunity Credit and the Lifetime Learning Credit. There are also credits for saving for retirement and child and dependent care. A qualified CPA or tax preparer will know what questions to ask and what to look for so you don’t miss out on any opportunities to reduce your tax bill.
2. Organize Your Paperwork
This is a crucial step to ensure a smooth filing experience. Gather records and account for all income, most commonly in the form of a W-2 or a 1099. Your employer is responsible for getting these documents to you by January 31st, so you will have plenty of time to organize before the filing deadline. In addition, here are some other common documents you may need to file your taxes this year:
- Records of charitable contributions over $250 (Note: Unlike in prior years, even filers taking the standard deduction may be eligible for deductions for charitable giving in 2025.)
- Information from prior years’ tax returns
- Business or rental income and expenses
- Mortgage interest and property taxes paid
- State and local taxes paid (Note: Caps on state and local tax deductions have increased dramatically from $10,000 in 2024 to $40,000 in 2025 for most filing statuses.)
- Dividend income
3. Build Your Tax Team With a Financial Advisor and a CPA
Tax season goes more smoothly when you have the right support in place. At Wilkinson Wealth Management, we can help you look beyond the tax return and focus on the planning opportunities that may reduce your tax burden over time, like retirement contributions, charitable giving strategies, investment-related tax decisions, and timing your income and withdrawals more thoughtfully. The goal isn’t just to get taxes done, it’s to feel confident your tax strategy supports your bigger financial plan and is as efficient as possible.
At the same time, a qualified CPA or tax preparer is an important partner in the process. They’re experts in preparing and filing your return, answering complex tax questions, and helping take advantage of deductions and credits available to you. When your financial advisor and tax professional work together, it creates a more coordinated approach so your planning and your filing are aligned.
Tax day is approaching, but it doesn’t have to feel stressful. If you’d like help getting organized, reviewing tax strategies, or connecting with a trusted tax professional, feel free to reach out to us at 434-202-2521 or use our Contact Us page to schedule an appointment.
About Bryan
Bryan Strickland is a financial advisor and CERTIFIED FINANCIAL PLANNER® professional at Wilkinson Wealth Management, a financial services firm of CFPs in Charlottesville, Virginia, providing customized financial planning and investment strategies with a personal approach. Bryan uses his 20-plus years of experience to help his clients navigate the complexities of their financial situation so they can look to the future with clarity and confidence. He strives to get to know his clients—what matters to them, their concerns, dreams, and goals—so that he can design a personalized and tailored plan to get them from point A to point B and walk with them through whatever life throws their way.
Bryan started his career as a project engineer and project manager after earning a degree in civil engineering from the University of Virginia. He then made a career change to pursue his true passion of serving others through personal financial planning that puts the client first. Outside of work, Bryan loves spending time with his wife, Nicole, and their three children, Tyler, Izzy, and Brendan. You can also find him on the field as a volunteer coach for a local travel soccer team. He enjoys singing and participating in most sports, including soccer, triathlons, and obstacle course racing. To learn more about Bryan, connect with him on LinkedIn.
This article was prepared for Bryan Strickland’s use.