So I Filed My Tax Return. Now What?

By Peter A. Pigeon, CFP®

Hobbs Group Advisors, LLC

The ink is dry on your 2025 return, but in the world of financial planning, the “finish line” is actually a starting block. With the One Big Beautiful Bill Act (OBBBA) now in full swing, your 2025 data holds the keys to maximizing your wealth in 2026.

Here is how to use your recent filing to build a smarter 2026 roadmap.

1. Did you miss something?

At HGA, we are always looking for ways to maximize tax efficiency. Our annual tax letter includes the following items that are not picked up on your form W-2 from your employer:

• HSA contributions
• 529 education account contributions
• Back-Door Roth contributions
• Charitable contributions of highly appreciated stock

Furthermore, you should always make sure you are taking advantage of items offered through your employer, like the following:

• Maximizing 401k/retirement contributions
• Flexible spending contributions
• Employee stock purchase plans

If you missed any of these last year, plan to take advantage of these contributions in 2026. If you have questions, we can help.

2. Leverage the New $40,000 SALT Cap

For years, the $10,000 State and Local Tax (SALT) cap was a major hurdle for residents in high-property-tax areas. Under the OBBBA, that cap has jumped to $40,000.

• The Action Item: Look at your 2025 return. If you were previously “capped out” at $10,000 but actually paid significantly more in property and state income taxes, your itemized deduction potential has just expanded. This might change the math on whether you should bundle charitable gifts or accelerate other deductible expenses.

3. Audit Your Charitable Giving Strategy

In 2026, you need to be smart about your charitable giving. New rules may limit deductions for certain taxpayers.

• The 2026 Strategy: The OBBBA introduced a new charitable “floor” for itemizers. You can now only deduct gifts that exceed 5% of your Adjusted Gross Income (AGI).
• The Move: Check your AGI from your 2025 return. If 0.5% of that number is, for example, $1,500, then the first $1,500 you give in 2026 won’t yield a tax benefit if you itemize. You may want to consider “bunching” two years of donations into one to clear that floor more effectively.
• The Other Move: If you are taking Required Minimum Distributions (RMDs) from your IRA accounts, you should always be using this money first as a way to make ongoing charitable contributions. This is called a Qualified Charitable Distribution (QCD), and this is an absolute no-brainer for anyone over 70 years old that is charitably inclined. This isn’t new, but it’s tried and true.

4. Maximize the 529 Plan Expansion

The definition of “qualified expenses” for 529 plans has grown. Beyond just tuition, you can now use these funds for a broader range of K-12 expenses, including tutoring and certain technology needs, with an increased cap of $20,000.

• The Action Item: Review your 529 contributions from your 2025 tax forms. If you have educational expenses coming up this fall, ensure you are utilizing the tax-free growth of these accounts for these newly eligible costs. This is especially helpful in South Carolina, where contributions to the state sponsored 529 are deductible from SC State Income Tax.

5. Review Your Mortgage and Interest Deductions

With your 1098 Mortgage Interest Statement in hand, it’s a good time to look at your total debt structure.

• The New Opportunity: The OBBBA added a deduction for interest on loans for American-assembled vehicles (up to $10,000 in interest). If you recently upgraded your vehicle or are planning to, ensure the financing aligns with these new deductible guidelines.

6. Plan for the “Senior Bonus”

If you or your spouse are 65 or older, the $6,000 senior deduction is a major win for 2026.

• The Action Item: Ensure your estimated tax payments for the remainder of the year reflect this lower taxable income base. This is a “straight” deduction that requires no itemization, making it one of the simplest ways to lower your 2026 bill.

The Bottom Line

Your 2025 tax return is a diagnostic report. By comparing your 2025 AGI and deduction totals against these new OBBBA thresholds, you can stop “reacting” to tax season and start “directing” your 2026 outcome.