Tax season has passed, but don't put away your filing information just yet.
Instead, take advantage of all the financial details you've gathered in preparation for April 15. This gathered knowledge offers a valuable baseline for reviewing your spending, saving, giving and other money decisions.
"The tax preparation process provides the tangible returns of establishing good financial habits, developing techniques to navigate financial systems, reducing stress and life disruptions caused by financial problems, and empowering people to work toward achieving financial goals," the California Department of Financial Protection and Innovation posted on its website.
For example, your tax forms give you a clear summary of all your income sources. You're reminded of your itemized deductions, such as mortgage interest, medical expenses and charitable giving (though many now rely on the more generous standard deduction). The review can encourage you to decide whether to keep or change your charitable giving and retirement contributions.
Depending on how complicated your finances are and what stage of life you're in, you'll gain a better understanding of the impact of capital gains taxes, required minimum distributions and the like.
There is an additional personal finance advantage this year to going through your tax forms: Good information can anchor the development of household budgets, investments and planning at a time of deep uncertainty — like now.
To be sure, a reader of this column challenged my observation in a recent one that highlighted how we are currently struggling through a period of deep uncertainty. (Thanks for the pushback.) The "times" are always uncertain, he observed. He's right. No one can accurately pierce the fog of the future. The future is unsettled.
Nevertheless, the current environment seems unusually difficult to understand. Investors, businesses and households are struggling to grasp how best to navigate the timing, depth and scale of tariffs; the murky negotiations on federal spending and tax cuts; the eventual impact from the cudgel Elon Musk's Department of Government Efficiency has taken to the federal workforce; and more, much more.
"Nobody knows what's going to happen this week, never mind in 90 days," wrote Ian Bremmer, founder of geopolitical advisory firm Eurasia Group, in his newsletter.
My tax information was right next to me while I wrote this column. I'll file it away soon, but not before I've looked at it more closely. If the past is any guide, I'll generate some ideas for doing a better job managing finances this year.
Chris Farrell is senior economics contributor for "Marketplace" and a commentator for Minnesota Public Radio.

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