Tax season is an opportunity to review your finances and make strategic decisions that could improve your outcome. While we can’t guarantee a refund or predict your exact results, taking the right steps before you file can help ensure you’re not leaving money on the table. At National Bank of Arizona, we’re committed to helping you make more informed financial choices.

1. Gather every document that matters

Missing paperwork can mean missing out on deductions or credits. Start early by collecting all the documents you’ll need to file accurately. Common items include:

• W-2 forms from employers
• 1099 forms for freelance or contract income
• Mortgage interest statements (Form 1098)
• Investment income statements (dividends, capital gains)
• Charitable donation receipts
• Education expense records (tuition, student loan interest)
• Childcare expense documentation
• Property tax statements
• Health insurance forms (such as 1095-A, 1095-B, or 1095-C)

Having these documents organized in one place will make filing easier and help ensure you claim everything you’re entitled to.

2. Review last year's return for clues

Your previous tax return is a roadmap and can help you identify opportunities:

• Look for credits or deductions you claimed last year that may apply again
• Check for carryover items like capital losses or charitable contributions
• Note any changes in income or filing status compared to last year

3. Factor in life changes

Major life events can impact your tax situation. Consider:

• Marriage or divorce
• Having a child or adopting
• Buying or selling a home
• Retirement or job changes
• Starting a business or side hustle

Gather documentation for these events to ensure you claim any benefits available.

4. Make strategic contributions

Even though the calendar has turned to a new year, you still have time to make certain contributions that can impact your 2025 tax return. These moves not only help during tax season—they also support your long-term financial goals.

IRA Contributions

You can contribute to a Traditional IRA for the 2025 tax year up until the filing deadline in April 2026. These contributions may reduce your taxable income, depending on eligibility. Check the IRS guidelines for current limits and income thresholds.

Health Savings Account (HSA) Contributions

If you’re enrolled in a high-deductible health plan, you can still make HSA contributions for the previous tax year until the April filing deadline. These contributions are tax-deductible, and funds grow tax-free for future medical expenses.

Charitable Donations

While donations for 2025 needed to be made by December 31, now is a great time to organize receipts and documentation. Accurate records ensure you claim every eligible deduction when you file.

Education Savings Contributions

Contributions to certain education savings plans (like 529 plans) may offer state tax benefits. While these typically apply to the current year, reviewing your contributions now can help you plan for next year’s tax advantages.

5. Double-check your withholding

If your income changed significantly this year, review your withholding. Adjusting it now won’t affect this year’s refund, but it can help you avoid surprises next year—and ensure you’re not overpaying throughout the year.

6. Organize digital and paper records

Keep everything in one secure place:

• Create a digital folder for electronic tax documents
• Store paper copies in a labeled file
• Back up important files to encrypted cloud storage

7. Consult a tax professional

Tax laws change frequently, and professional guidance can help you uncover opportunities you might miss:

• Ask about credits and deductions specific to your situation
• Get advice on complex tax scenarios like investments or business income
• Ensure compliance with current tax regulations

Final thoughts

While no one can guarantee a refund, preparation and smart planning can help you make the most of your tax situation. At National Bank of Arizona, we believe financial wellness starts with knowledge. If you have questions about managing your accounts or planning for the future, we’re here to help.

Visit your local branch or schedule an appointment with a banker to learn more about how we can support your financial goals.