Note that you have until your filing deadline to make an IRA contribution for the previous tax year. This includes any extension filed. Yes, you will be more out of pocket, but at least some of it will go to your future self rather than Uncle Sam.

Yet another reason to keep a healthy amount of readily available cash, perhaps in a high yield savings account for just these sorts of contingencies. Give yourself as many options as you can.

We recently stopped making extra principal payments on our mortgage, which is a 15 yr note at 2.75%. Instead, we now double the amount we were throwing at the mortgage and divert that to retirement savings. It shows as a monthly debit in my checking account, but it's really my money going from one of my accounts to another, earning more return and getting me some tax benefit. Since I'm self-employed, I can contribute more to retirement than Mrs. Lee can. We'll be getting the final tally for everything in about two weeks and then will plan accordingly.

If you live long enough look up RMD it effectively increases your income. If your investments in your retirement plan did well you are going to take a certain percentage out and pay tax on it.

Here’s my take on your situation:

You’ve been able to do your taxes all along. A CPA can do just the same for more money than what you spend on Turbo Tax, and as someone said, most CPAs just want to do tax returns, not tax planning. Someone suggested Certified Financial Planners but tax planning to the detail you need isn’t what they really do. They would rather manage your portfolio.

I think you’re a pretty good organizer of your documents. I’m not buttering you up; it’s just a fact you have to be to be able to, to do your taxes. I do my own taxes. 80% of the work in doing taxes is in organizing the taxes and information.

I think you can do what you need to do yourself. You already understand the tax tables. You do know how much you’ll get paid for the year.

If you just want to make sure you’re paying enough in taxes, subtract the standard deduction from your income and bounce that income against the tax tables to find your taxes for the whole year. If your Itemized deductions are significantly more like 150% more then ballpark closer to that if you want.

(And, yes, I know long term capital gains is taxed at a different rate schedule but I’m simplifying it for you.)

You know how much money they’re taking out of your taxes each period and that tells you how much taxes for the full year. Compare the total of the taxes you owe versus the taxes taken out of your paychecks.

You can do one or more of several things: 1) increase the tax withholding rates on your paychecks. 2) maximize your 401k or IRA contributions to lower your taxable income. 3) maximize your Roth IRA contributions. This isn’t going to alleviate your current income taxes but it will alleviate your future tax situation. 4) you can pay the difference in equal quarterly tax payment estimates or keep track as the year progresses and pay taxes to date.


Personally, I recommend 1 through 3. I’m in retirement, I do number 4 and pay my state taxes as they come due throughout the year based on my taxable income to date. My federal taxes, I wait until December because any taxes paid through an IRA withdrawal in December is taken to have been paid at the start of the year.

You’re in the prime time of planning the beginning of your retirement finances. If you’re going to engage a CFP, use them for this purpose.

A. Max out your 401K to $32,500 (higher since older than 50) for both people in 2026

B. Open a HSA and max it out $9750 (higher since your older than 50)

C. Roth IRA contributions do not lower taxable income as they are post tax contributions. THey do however allow investment growth tax free.

That's ($32,500 x 2) + $9750 = $74,750 reduction of taxable income

Make sure you have good investment plans for both the 401K and HSA.

a. Don't touch the HSA and let it grow unless you have to until you get on Medicare, then use the balance of the HSA to pay for it and later medical bills. HSA are great tax advantaged. They are funded with pre-tax dollars and you get immediate income reduction dollar for dollar for your yearly contribution, and any HSA investment growth is also tax free. Also, after 65, you can even pull money out of HSA for even non-medical stuff penalty free, however it will count as normal taxable income for tax purposes. If pulled for medical stuff, it is completely tax free. If one spouse dies, it all rolls to survivor without any taxable event.