Mid-Year Tax Checkup: There's Still Time to Influence Your 2026 Tax Bill
Believe it or not, we're already halfway through the year.
While tax season may feel like it's behind us, June marks one of the most important times of the year for business owners. The June estimated tax payment deadline is approaching, and more importantly, we now have enough information to begin making meaningful adjustments before year-end.
Many taxpayers view taxes as something that happens when they file a return. In reality, the biggest tax savings opportunities occur months before the return is prepared.
By the time March or April arrives, most of the decisions that impact your tax bill have already been made
Why Mid-Year Planning Matters
The middle of the year is often when we can identify opportunities, such as:
Adjusting estimated tax payments to avoid surprises
Evaluating whether your current entity structure is still appropriate
Reviewing compensation strategies and owner distributions
Maximizing retirement plan contributions
Implementing accountable plans and reimbursement strategies
Reviewing health insurance and HSA opportunities
Identifying charitable giving and gifting opportunities
Planning for major purchases, investments, or business growth
For many clients, a mid-year review provides enough time to make adjustments that can significantly impact their year-end tax position.
Questions to Consider
As you move into the second half of the year, ask yourself:
Has your income increased or decreased from what we projected?
Have you started a new business, acquired a company, or made a major investment?
Are you considering purchasing equipment or vehicles?
Have your retirement or charitable giving goals changed?
Are you planning to sell real estate, a business, or other appreciated assets?
Has your family situation changed?
Small changes throughout the year can have a significant impact on your tax outcome.
The Difference Between Tax Preparation and Tax Planning
Tax preparation reports what has already happened.
Tax planning influences what happens next.
The clients who achieve the best results are rarely the ones who gather receipts in March. They're the ones who review their situation throughout the year and make adjustments while there is still time to act.
A Mid-Year Reminder
If you've experienced significant changes in your business, investments, income, or personal situation this year, now is the time to let us know.
The more time we have before year-end, the more options we typically have available.
If you'd like to schedule a mid-year tax planning review, reach out to our team. We'd be happy to discuss your current situation and identify opportunities before the year gets away from us.
Warmly,
RBA Tax Advisors Team
