Running a small business keeps you busy year-round. But if you want to avoid surprises at tax time, it’s smart to take a break mid-year and assess your tax situation.
A mid-year tax check can help you adjust strategies, maximize deductions, and stay on top of estimated payments—keeping your finances on track.
Downloadable Checklist
Use this quick checklist to stay on track.
Why Conduct a Mid-Year Tax Review?
Here’s why a mid-year tax review is critical — and what steps you should take.
1. Update Your Income and Expenses:
Business is dynamic. Revenue may be up (or down), expenses shift, and new opportunities arise. Mid-year is the perfect time to update your records and see how your year-to-date figures compare to your projections.
2. Adjust Estimated Tax Payments
If your income is higher or lower than expected, your estimated tax payments may need to change. Adjusting now can help you avoid underpayment penalties or a big bill at year-end.
3. Maximize Deductions
Some deductions require planning ahead. Reviewing your current deductions can highlight opportunities—such as purchasing equipment, investing in retirement plans, or making charitable contributions—before the year closes.
4. Plan for Credits and Incentives
Many credits (like the R&D credit, energy incentives, or hiring credits) require documentation or pre-qualification. Catching them now gives you time to take advantage.
5. Prepare for Major Changes
New hires? Equipment purchases? Business expansion? Mid-year planning helps you assess the tax impact of big changes before they happen.
6. Stay Compliant
Review your payroll taxes, sales taxes, and any other obligations. Spotting compliance issues now helps you fix them before they become costly problems.
Simple Actions You Can Take Today
- Pull a year-to-date profit and loss report.
- Review your estimated tax payments.
- Look for new deductions and credits you might qualify for.
- Plan large purchases or investments.
- Talk to your accountant about updated projections.
Tip: A quick conversation with your tax advisor now can save you hours of stress — and thousands of dollars — later.
Need Help?
We specialize in helping small business owners stay ahead of tax surprises. Our mid-year tax check services are built to fit your business needs and help you make confident decisions for the rest of the year.
Contact us today to schedule your mid-year tax review.