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Expert: Tax deadline's a good time for deep dive into finances

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Tax forms
A man pick up federal tax form 1040 at a post office.
AP Photo | Paul Sakuma

As some taxpayers take advantage of an extra day to file following an IRS computer crash yesterday led to the tax deadline being pushed back a day, one personal finance expert says this is also a good time to take a hard look at your financial plans.

Tax filing time is a reminder to review your finances and recommit to those New Year's financial resolutions, personal finance expert Lynnette Khalfani-Cox said Wednesday in an interview with MPR News economics commentator Chris Farrell.

As taxpayers have already gathered all their information for this year's filing, they already have a sense of their situation and can plan for the coming year, she said. She recommends considering creating a budget crafted with your personal goals in mind, whether it's to save for college tuition, take a vacation, or prepare for retirement.

It's also a good time to plan for the impact of the new tax bill which goes into effect this year, Paul Gutterman, director of the Masters of Business Taxation program at the University of Minnesota's Carlson School of Management, told Farrell.

Taxpayers, he added, should check if they should change their withholding under the new law.