Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTReuben Gregg Brewer, The Motley FoolSun, June 7, 2026 at 4:35 PM GMT+2 4 min readYou have to do your taxes, or Uncle Sam will come calling. Which is basically what Benjamin Franklin was getting at when he said, "In this world nothing can be said to be certain, except death and taxes." The U.S. tax code is complicated, and filing your taxes is a heavy chore. But you have to do it. Hopefully, the outcome is a refund or at least no additional tax payments.With tax season in the rearview mirror, many people may be glad to move on. Don't be so quick. All of that work you did can serve another purpose. The information you generated is what you need to perform a retirement plan checkup. Do that now, while the information is still fresh.Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »You have everything you need right nowHate taxes all you want, but if you can get more out of them than just a headache, you'll be much happier about the effort you had to put in. That effort usually begins with collecting information about your financial situation. Your salary information is the starting point, of course. However, you also need all your bank statements and the statements from your investment accounts, including retirement plans and individual retirement accounts (IRAs). You may also have other information in the mix, such as interest payments on outstanding loans.Image source: Getty Images.The very first thing you can do with all of that is create a personal balance sheet. That is basically a list of your assets and liabilities. Your net worth is the difference between the two, which may be negative if you are just starting out in life and own a home. That's not a terrible thing, per se, since you are building equity in your home over time.That said, having all of your financial information in one place will let you know if you actually have a strong enough safety net. The rule of thumb is three to six months of living expenses in cash. Your balance sheet is where you'll find that information, though if your net worth is negative, you may want to lean toward the six-month side of the equation.What about your investments?You should also take this time to review your investments by looking over all of your brokerage and mutual fund statements. Do all of your investments make sense for your current life situation? Maybe you have a child that you didn't have before, and all of that high-risk cryptocurrency you bought isn't appropriate anymore.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info