Smart mid-year moves can ease your April tax burden.
Were you surprised by your refund or balance due this year? Many people are. Tax time often reveals the impact of choices made months before—choices you can control. That’s why summer is the perfect time to check in and plan for this year.
Whether you’re adjusting your paycheck withholding or preparing for big life changes, here’s how to make next year’s tax season less painful—and possibly more rewarding.
💸 Check Your Withholding & Estimated Payments
Your federal withholding and estimated tax payments directly affect what you owe or get back. If you’ve had changes in income, deductions, or credits, it may be time to adjust your withholding.
You can update your Form W-4 any time. If saving is difficult, consider small increases—an extra $50 withheld per paycheck now is easier than a $600 surprise in April. Estimated payments also help, especially if you receive bonuses, freelance, or have investment income.
Want a quick estimate? Bring in your most recent paystub. We can double your year-to-date income and withholding to project your full year and recommend adjustments.
🏡 1. Your Home
If your property value has increased, you could be facing higher property taxes—or capital gains taxes if you sell.
Tax Planning Tips:
- Get a professional property tax assessment.
- Time home improvements wisely—before assessments.
- Know the capital gains exclusion rules: up to $250,000 (single) or $500,000 (married).
📊 2. Your Investments
Capital gains, dividends, and frequent trades can mean bigger tax bills.
Tax Planning Tips:
- Use tax-loss harvesting to offset gains.
- Hold investments longer than one year for better tax treatment.
- Pair your giving strategy with capital gains for added savings.
👵 3. Your Retirement Accounts
RMDs and early withdrawals have tax consequences. Planning now can protect your future.
Tax Planning Tips:
- Understand and time required minimum distributions.
- Explore Roth conversions to manage future tax brackets.
- Maximize HSA contributions—they’re tax-deductible, grow tax-free, and can be used tax-free for qualified medical expenses.
- Use catch-up contributions if you’re 50 or older.
👨👩👧 4. Major Life Events
Marriage, divorce, a new child, career changes—any major shift affects your tax situation.
Tax Planning Tips:
- Reevaluate your filing status and adjust accordingly.
- Keep track of new credits like childcare or education expenses.
- Understand age-related tax changes—especially with children and dependents.
📅 Let’s Make a Plan Together
Make it a yearly habit: check in with everyone who helps shape your financial future—your tax advisor, retirement planner, and insurance specialist. A mid-year review eliminates surprises and keeps your plan on track.
Schedule your mid-year tax review
Bring your current paystub, investment summary, or retirement plan. Let’s check in and create a plan that works for your goals.