Let's be honest. Most of us treat tax season like a trip to the dentist. We put it off as long as possible, power through it with gritted teeth, and forget about it the second it's over. But here's what I want you to consider: tax season is actually the single best financial check-in opportunity you'll get all year. Your income, your deductions, your investments, your spending habits — everything is right there on the table. Why would you rush through that without stopping to learn something?

I get it. Nobody wakes up excited about W-2s. But the documents you're already gathering to file your taxes tell the full story of your financial year. And if you take even one hour to actually read that story instead of just submitting it, you'll walk away with insights that can shape the entire year ahead. That's what a tax season financial check-in looks like in practice — and I'm going to walk you through exactly how to do it.

Why Tax Season Is the Perfect Time for a Financial Review

Think about it. You're already pulling together your W-2s, 1099s, investment statements, and bank records. You're already logging into accounts you haven't touched in months. You're already looking at numbers. The hard part — gathering the data — is done. All I'm asking you to do is pause before you hit "submit" and actually look at what those numbers are telling you.

Most people never do a real annual financial review. They say they'll do it in January (they won't). They tell themselves they'll start tracking things next month (they don't). But tax season forces you into it whether you like it or not. The documents are right there. The numbers are real. There's no guessing, no estimating, no "I think I spent around..." — it's all on paper.

That's rare. And it's powerful. So instead of treating this as a chore to get through, treat it as a built-in annual review session. One that the IRS is basically requiring you to have. You might as well use it.

Step 1 — Review Your Income

Start with the most basic question: how much did you actually make last year?

I know that sounds obvious, but you'd be surprised how many people don't know this number. They know their salary. They know roughly what their paycheck looks like. But total income — including side gigs, freelance work, bonuses, interest, dividends, and everything else — is often a mystery until tax time.

Pull up your W-2 and any 1099s you received. Add them up. Now compare that total to what you thought you earned. Were you close? Were you way off? Did you have income sources you completely forgot about?

Here's what to look for:

Your income number is the foundation. Everything else — saving, spending, investing — flows from it. So know it cold.

Step 2 — Assess Where Your Money Went

This is the part that stings a little. But it's the most valuable step in the entire process.

Pull up your bank statements and credit card statements from the past year. Most banks let you download an annual summary or categorize your spending. Use that. If yours doesn't, pick any three months and extrapolate. You'll get close enough.

Now look at where your money actually went. Not where you think it went — where it actually went. There's almost always a gap between intention and reality, and this is the audit that reveals it.

Questions to ask yourself:

I've worked with coaching clients who discovered they were spending over $400 a month on subscriptions they'd completely forgotten about. That's almost $5,000 a year — money that could be funding an emergency fund, paying down debt, or building real wealth. You can't fix what you can't see. Tax season lets you see it.

Step 3 — Check Your Withholdings

Here's a question I want you to answer honestly: did you owe money when you filed, or did you get a big refund?

Most people celebrate a big refund. And I get it — a $3,000 check from the IRS feels like a gift. But here's the truth: that's not free money. That's your money that you overpaid throughout the year. You essentially gave the government an interest-free loan for 12 months. They used your money, and you got zero return on it.

On the flip side, if you owed a big chunk at filing time, your withholdings were too low. That's stressful and can lead to penalties.

The goal is to get as close to break-even as possible. Here's how:

The sweet spot is owing or receiving less than $500. That means your withholdings are dialed in, and you're keeping your money working for you all year long.

Want to know where you stand financially? Take the free 2-minute Financial Health Quiz and get a personalized breakdown of your money habits.

Take the Quiz

Step 4 — Decide What to Do With a Refund

If you are getting a refund this year, I need you to make a plan for it before the deposit hits your account. This is critical. Because once that money shows up in your checking account, it's going to whisper all sorts of tempting ideas. New shoes. A weekend trip. That thing you've been eyeing on Amazon for months.

None of those are bad things. But if you don't have a plan, the refund will disappear and you'll have nothing to show for it. Here's a simple split strategy I recommend:

The key is making this decision now, while you're in planning mode. Write it down. Set up the transfers in advance if you can. Don't let a refund become a lifestyle upgrade that vanishes without a trace.

Step 5 — IRA Deadline Reminder

This is the part where I put on my "don't miss this" hat. If you haven't maxed out your IRA contributions for 2025, you still have time. The deadline to contribute for the 2025 tax year is April 15, 2026.

That means right now, today, you can still put money into a Traditional or Roth IRA and have it count toward last year. Here are the limits:

Not sure which type is right for you? Here's the quick version:

And here's the thing — you don't have to max it out. Contributing $1,000 is better than contributing $0. Contributing $3,000 is better than $1,000. Whatever you can do, do it. Time and compound growth will do the heavy lifting. A 25-year-old who contributes just $3,000 this year and earns an average 8% return will have over $65,000 from that single contribution by age 65. One contribution. That's the power of starting.

Step 6 — Set Financial Priorities for the Rest of the Year

You've reviewed your income. You've looked at your spending. You've checked your withholdings and made a plan for your refund. Now it's time to take everything you've learned and turn it into action for the remaining nine months of the year.

Here's my rule: pick one or two priorities. That's it. Not five. Not ten. One or two things you will actually follow through on. The more focused you are, the more likely it is to happen.

Some examples of great, specific financial priorities:

Notice how each one is specific, has a timeline, and involves a concrete dollar amount. "Save more money" isn't a priority — it's a wish. "Save $200/month by automating a transfer every payday" is a priority. Make yours real, measurable, and time-bound.

Write it down. Put it on a sticky note on your monitor. Set a calendar reminder to check in on it every month. The review you just did during tax season only matters if you act on what you found.

The Tax Season Check-In Checklist

Here's everything we covered, condensed into one actionable list. Bookmark this and come back to it every year:

Tax season doesn't have to be something you dread. When you approach it as a tax season financial check-in instead of just a filing obligation, it becomes the most productive financial hour of your entire year. You're not just submitting forms — you're reviewing, learning, adjusting, and planning. That's how real financial progress happens. Not in one big dramatic moment, but in small, consistent reviews that keep you on track.

So this year, before you close out of TurboTax or wave goodbye to your accountant, take the extra hour. Review your finances during tax season. Future you will be grateful.

This article was expanded from The March Money Minute.