As we head into the second half of the year, now’s the perfect time to take a breath, step off the trail, and make sure your tax planning is on track.

Whether you’re a business owner, employee, or somewhere in between, a quick mid-year check-in can help you avoid surprises come tax season — and make the most of tax-saving opportunities that are still available this year.

Why Mid-Year Matters

By July, you’ve got six months of income data, spending habits, and life changes to work with — which means you can make meaningful course corrections. Waiting until year-end often leaves little room for strategy, especially when it comes to employer benefits, retirement contributions, or withholdings.

Optimize Before the Deadlines

Have you maxed out your 401(k)? Used your HSA for qualified expenses? Contributed enough to your FSA before those funds expire? Now’s the time to revisit these accounts and ensure you’re on pace to take full advantage.

Quick Mid-Year Tax Planning Checklist

Review your year-to-date income and tax withholdings
Adjust Form W-4 if you’ve had a change in income, job, or family situation
Check your 401(k) contributions — are you on track to max out?
Confirm HSA/FSA contributions and eligible expenses
Evaluate potential for Roth conversions or tax-loss harvesting
For business owners: review estimated payments and projected expenses

A little planning now goes a long way later. If you’d like help reviewing your current tax strategy, we’re here for you. Book a check-in with your Trail CPA client manager today.