Get ahead with a midyear tax review - (6/1/2026)
To help prevent surprises when you file your federal tax return next tax season, perform a midyear tax checkup. Life changes, such as a new job, additional side income or investment gains, can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities.
Start by reviewing your withholding and estimated tax payments. If your income has changed, you may need to update your Form W-4 so that your withholding accurately reflects your current circumstances. If you’re self-employed or have significant income not subject to withholding (such as dividends or capital gains), you may need to make quarterly estimated tax payments to avoid underpayment penalties.
Next, revisit deductions and credits. Changes in your filing status, dependents, education expenses or homeownership can affect eligibility. Additionally, increased charitable giving may create tax-saving opportunities. Keep organized records of charitable contributions, medical expenses, and, if you’re self-employed, business costs to substantiate claims and maximize benefits.
It’s also a good time to reevaluate retirement contributions. Increasing contributions to employer plans or IRAs can reduce taxable income and strengthen long-term savings. If you’re eligible to contribute to a Health Savings Account, consider funding it as well to take advantage of its triple tax benefits (deductible contributions, tax-deferred growth and tax-free withdrawals for qualified medical expenses).
Being proactive gives you time to manage potential tax exposure and identify tax-saving opportunities that might otherwise be overlooked. If you need guidance, we can help model different scenarios and determine the best strategy.
© 2026
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