6 Reasons Why You Should Share Your Tax Return with Your CFP®

Tax Day 2025 is behind us, which means planning for next year’s filing is already underway. That might feel early, but most meaningful tax strategies don’t happen in April. They happen throughout the year with the decisions we make along the way. With the passage of the “One Big Beautiful Bill” (OBBB) last summer, we now have more clarity on where tax policy will be for the next few years. Many provisions are temporary, phased in, or interact with your broader financial plan in ways that aren’t obvious without a full view of your situation. So we hope you’ll share your return with us! 

What do we do with your return? We have tax projection and strategy software (called Holistiplan) which allows us to look forward, not just backward. We can model decisions before you make them and show you the impact in real time. Here are some of the financial planning decision points that impact taxes throughout the year. 

Roth Conversions - One of the most valuable applications is Roth conversion planning. Your return shows where you fall within today’s tax brackets, helping us identify opportunities to convert at favorable rates. Instead of guessing, we can test different scenarios and determine how much, if any, makes sense for you. 

Tax Loss Harvesting - Your return also helps us coordinate investment decisions with tax strategy. By understanding realized gains, losses, and any carryforwards, we can implement tax loss harvesting intentionally throughout the year. Done well, this can offset gains or reduce taxable income over time, without changing your long-term investment plan. 

Health Savings Accounts (HSA) - HSAs are another area we want to ensure you’re maximizing, if eligible. It’s one of the most tax-efficient tools available. HSAs offer a unique combination of a current tax deduction, tax-deferred growth, and tax-free withdrawals for qualified expenses. 

Changing Withholdings - Your return shows whether you overpaid or underpaid taxes last year. Overpaying means giving the IRS an interest-free loan, while underpaying can lead to surprises. When retired, it’s not uncommon to owe come tax time, because pension and/or Social Security paychecks weren’t withholding enough. With better projections, we can adjust withholdings so your cash flow aligns more closely with your needs and in some cases, make sure you don’t owe too much either. 

Retirement Plan Deferrals - We also use your return to evaluate retirement contributions and income strategy. By reviewing your income and deductions, we can determine whether it makes sense to lean into pre-tax savings, shift toward Roth contributions, or adjust the timing of income. These decisions become more important as new tax rules under the OBBB framework are impacting higher earners this year. 

Real Estate - For those who own real estate, your return provides insight into depreciation, cost basis, and rental income. That information helps guide both current tax decisions and future planning, including whether and when to sell or refinance. 

Long story, short: With the right tools and your return in hand, we can project your taxes before year-end, model different strategies, and coordinate decisions in real time. If you’ve worked with us on your financial plan, sending your tax return is one of the most valuable things you can do. It allows us to move from general advice to specific, personalized strategy. If you’re unsure how any of this applies to you, or simply want a second set of eyes, send it over. We’ll take it from there. 

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Investment Advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Haas Financial Investment Advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Haas Financial Group are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice. are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice.