As we head into August, business owners have a golden opportunity: the mid-year tax check-in.
It’s easy to get caught up in day-to-day operations and push off financial planning until the year’s end. But taking time now — with two full quarters behind you — can give you a clearer view of where your business stands and what steps to take before the fourth quarter sneaks up.
Here’s what you should be reviewing right now:
✅ 1. Review Your Year-to-Date Financials
Look at your revenue, expenses, and net income so far. Are you hitting your goals? Falling short in certain areas? This is the time to spot trends, identify gaps, and adjust your strategy before Q3 wraps up.
📅 2. Prep for Q3 Estimated Tax Payments
If you make quarterly tax payments, the next one is due September 16, 2025. Check with your accountant to ensure your payments are on track — overpaying ties up cash, while underpaying can trigger penalties.
💡 3. Look for Missed Deductions or Credits
Have you made any large purchases, launched new products, or hired new employees? You may qualify for deductions or credits you haven’t claimed yet. These can make a big difference in your tax liability.
📈 4. Start Thinking About Year-End Planning
It might feel early, but now is a smart time to plan for year-end actions like:
💸 5. Revisit Your Budget and Cash Flow
Are you operating with a realistic forecast? Update your budget based on current results and anticipated changes. This can help avoid surprises in Q4 and ensure a smoother path into 2026.
Let’s Make the Second Half Stronger
At GLM, we believe tax planning isn’t just about what happens in April — it’s about smart decisions throughout the year. A quick mid-year check-in could save you money, prevent last-minute stress, and set you up for a stronger finish.
📞 Ready to review your numbers?
Get in touch with your GLM advisor to schedule your personalized mid-year planning session.
It’s easy to get caught up in day-to-day operations and push off financial planning until the year’s end. But taking time now — with two full quarters behind you — can give you a clearer view of where your business stands and what steps to take before the fourth quarter sneaks up.
Here’s what you should be reviewing right now:
✅ 1. Review Your Year-to-Date Financials
Look at your revenue, expenses, and net income so far. Are you hitting your goals? Falling short in certain areas? This is the time to spot trends, identify gaps, and adjust your strategy before Q3 wraps up.
📅 2. Prep for Q3 Estimated Tax Payments
If you make quarterly tax payments, the next one is due September 16, 2025. Check with your accountant to ensure your payments are on track — overpaying ties up cash, while underpaying can trigger penalties.
💡 3. Look for Missed Deductions or Credits
Have you made any large purchases, launched new products, or hired new employees? You may qualify for deductions or credits you haven’t claimed yet. These can make a big difference in your tax liability.
📈 4. Start Thinking About Year-End Planning
It might feel early, but now is a smart time to plan for year-end actions like:
- Retirement plan contributions
- Equipment upgrades or asset purchases
- Employee bonuses or profit-sharing
- Charitable giving strategies
💸 5. Revisit Your Budget and Cash Flow
Are you operating with a realistic forecast? Update your budget based on current results and anticipated changes. This can help avoid surprises in Q4 and ensure a smoother path into 2026.
Let’s Make the Second Half Stronger
At GLM, we believe tax planning isn’t just about what happens in April — it’s about smart decisions throughout the year. A quick mid-year check-in could save you money, prevent last-minute stress, and set you up for a stronger finish.
📞 Ready to review your numbers?
Get in touch with your GLM advisor to schedule your personalized mid-year planning session.
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