As we approach the halfway point of the year, it’s the perfect time for a mid-year tax checkup. Don’t wait until December—or worse, April—to take control of your tax situation. A little planning now can mean fewer surprises later and more opportunities to save.
Here are some quick, practical tax tips from Alloy Silverstein Accountants and Advisors to keep you on track:
Has your income changed this year? Marriage, a new job, or side income can throw off your tax balance. Use the IRS Withholding Estimator to ensure you’re not underpaying—or overpaying.
If you’re self-employed or earn freelance, investment, or rental income, review your quarterly estimated payments. Adjust now to avoid penalties later.
Now is a great time to organize receipts and track deductible expenses—before they pile up. Tools like expense tracking apps or spreadsheets can help keep things simple.
Mid-year is a great checkpoint to increase contributions to your IRA or 401(k). Not only does it build your savings, but it may also lower your taxable income.
Life changes—like having a child or going back to school—can make you eligible for new credits. Check if you qualify for the Child Tax Credit, Education Credits, or Energy Tax Credits.
Mid-year is the ideal time to create a folder (physical or digital) for tax documents like charitable receipts, home improvement invoices, and insurance records.
Mid-year is ideal for proactive planning. Whether you’re navigating a major life change or just want to make sure you’re on track, schedule a quick check-in with your tax advisor.
Why Plan Now?
Tax planning isn’t just for April. By taking action mid-year, you give yourself time to course-correct, make strategic decisions, and reduce stress during tax season.
Need help optimizing your tax strategy?
The team at Alloy Silverstein is here to guide you every step of the way. Reach out to schedule your mid-year tax review today.
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