This Week’s Blog Is Written By Scott D. Heins, CFP®, IAG Chief Investment Officer
April 15, 2026

Finish Line

Congratulations! We made it!

Today we cross the finish line for filing your 2025 federal and state income tax returns. CPAs rejoice!

Of course, some taxpayers with either complicated tax situations or procrastinating tendencies file for tax extensions – permitting them to pay any taxes they estimate they owe now, but graciously giving them an additional six months to submit all of the grueling details. CPAs have more work to do.

This tax filing season was expected to be more joyous than most. The tax legislation approved by Congress last July included some new deductions and expanded tax credits that were supposed to create above-average tax refunds.

On April 10, the Internal Revenue Service (IRS) issued its weekly Filing Season Statistics report with data through April 3. As of that day, the IRS had received 99.8 million 2025 tax returns and refunded a total of $241.744 billion to taxpayers for tax overpayments.

The average refund relative to the week ending April 4, 2025, increased from $3,116 to $3,462 – an 11.1% increase.

Were you satisfied (or maybe too satisfied) with your 2025 tax outcome?

If you received a giant tax refund from 2025 and you anticipated 2026 to be similar, you may wish to consider adjusting your tax withholding or estimated tax payments to reduce the interest-free loan you provided to the government in 2025.

Perhaps you consider it your civic duty to help out an entity which has rung up over $39,000,000,000,000 in debt that costs them $970,000,000,000 in interest. However, that is not in your personal best interest – particularly if you are taking retirement account withdrawals to fund this refund.

If you ended up on the IRS’ debtor (or worse yet, penalized debtor) list for tax year 2025, now is the time to make adjustments to improve the likelihood of better outcomes when you file your 2026 tax returns.

Far too many people make the mistake of starting their tax planning at the end of a calendar year when the runway is very short. Making income or tax withholding adjustments now can spare you from frantic adjustments between Thanksgiving and New Year’s Eve.

Take a moment now to ensure your employer retirement plan contribution amount and type is correct. Determine if you are likely to be itemizing this year or whether you may benefit from alternating your itemized deduction years. Estimate whether your income this year will be high enough to potentially boost your Medicare premiums in 2028 due to the Income-Related Monthly Adjusted Amount (IRMAA) rules and make adjustments if possible.

While today is a finish line for many, it truly marks the beginning of opportunities to improve your outcomes for 2026.

Please be sure to consult with your personal tax professional (after they have a few recovery days) before making any changes to your 2026 income and deduction plans. Tax laws are increasingly complicated, and your personal tax situation may include unique circumstances.

Quote of the week: Proverbs 21:5: “The plans of the diligent lead to profit as surely as haste leads to poverty.”

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. No strategy assures success or protects against loss. Investing involves risk including loss of principle.

ART: 1092923
Photo Credit: iStock 1207782953