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Summer Tax Planning For Small BusinessesTax planning isn't just for the end of the year or your review at the beginning of a new year. Being proactive and reviewing your tax strategy mid-year can give you a competitive edge and prepare you for success during the 2026 tax season.
Your Summer Financial ChecklistBefore summer spending melts your budget, use this financial checklist to keep more cash in your pocket and make every dollar work harder this season.
An IRS Notice. Get Help!Sleuthing your way through a tax audit by yourself is not the same as a do-it-yourself project. Here are reasons you should seek professional help as soon as you receive a letter from the IRS.
Tax-Saving College Funding OptionsIf you meet income and other requirements, a variety of grants and tax breaks can help you reduce higher education costs.
Combining Business and Personal TravelIf you run your own company and travel for business, you might be tempted to mix work with pleasure. That's fine as long as you follow tax rules. Your tax professional can advise you on what you can or cannot do.
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RECENT E-NEWSLETTERS
JUNE 2026 Q & AQ: What are estimated tax payments? A: Estimated tax payments are paid quarterly to the IRS and often to your state to cover your expected income taxes for the year. The U.S. tax system uses a "pay-as-you-go" method, so taxes are due as you earn or receive income.
Higher Contribution LimitsThe IRS has raised 401(k) contribution limits for 2026, giving savers more room to grow retirement funds. The new elective deferral limit is $24,500, letting employees contribute an extra $1,000 pre-tax or Roth — perfect for maximizing tax-advantaged growth. For individuals age 50 and older, the catch-up contribution jumps to $8,000, so totals can reach $32,500. Some plans offer a "super" catch-up of $11,250 for ages 60—63. If your wages exceed $150,000 in 2025, all 2026 catch-up contributions must be Roth. This shifts immediate tax advantages but provides tax-free qualified withdrawals later. Review eligibility, explore Roth options, and adjust contributions early in 2026 to make the most of these increases and strengthen your retirement strategy. Mid-Year Tax CheckupJune is the ideal time to review your year-to-date (YTD) financial performance, allowing proactive adjustments that prevent unpleasant tax surprises next spring. By mid-year, roughly half of the year's income and expenses are known, providing a clear snapshot for projecting annual results and fine-tuning strategies. WITHHOLDING ACCURACY Compare YTD pay stubs with projected annual income to confirm that federal and state withholdings align properly. If under-withheld, clients risk penalties or large April bills; if over-withheld, they miss interest-free cash flow. ESTIMATED TAX PAYMENTS With the Q2 deadline on June 15, you should verify that you have the correct vouchers or access to the IRS Direct Pay portal to submit payments on time and avoid underpayment penalties. LIFE EVENTS Have you experienced any major life events this year? Such as marriage, divorce, a new child, or a home purchase, which can significantly alter tax liability. These changes often require immediate W-4 adjustments or other steps to stay compliant and optimized. This mid-year review empowers you to course-correct early, ensuring a smoother tax season ahead.
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