Celebrate Your Financial Freedom This 4th of July-Mid-Year Tax Planning

As fireworks light up the sky and America’s independence is celebrated on the 4th of July. It also marks a perfect halfway point in the year to check in on your financial health. While most people think of taxes only during filing season, smart taxpayers know that mid-year tax planning aka Tax Tune UP can make a big difference in your final tax bill—and your peace of mind.

Here are some key mid-year tax planning strategies and why meeting with a tax professional now can be one of your most patriotic financial moves:

1. Review Your Income and Withholding

Summer is the ideal time to assess your current income and make sure your withholdings or

estimated tax payments are on track. If you’ve had a job change, started a side hustle, or major life event (like a marriage or new child), your tax situation has likely changed too.

A tax professional can help recalculate your withholdings to prevent surprises coming next tax season.

2. Maximize Retirement Contributions

Mid-year is a great time to evaluate your contributions to retirement accounts like 401(k)s and IRAs. Increasing your contributions not only secures your future, but it can also reduce your taxable income. Your tax advisor can help you understand how to optimize these contributions for maximum tax benefits.

3. Organize and Track Deductions

Are you keeping track of potential deductions like side hustle/business expenses, charitable

donations, or medical costs? Mid-year planning gives you time to organize your records and

adjust. You still have six months to boost these deductions if you’re falling short.

4. Plan for Capital Gains

If you've sold or plan to sell investments, mid-year is the right time to strategize. This includes exploring possible tax loss harvesting. A tax professional can help you explore actions you can take in 2nd half of the year that could possibly reduce possible current tax liability, defer future taxes or assist in maintaining an investment strategy.

5. Consider Education and Child Tax Credits

If you're paying for college or childcare, you may qualify for valuable credits. Don’t wait until

January to find out—get ahead now and make sure you're taking advantage of every available

benefit.

Why Meet with a Tax Professional Now?

Meeting with a tax professional mid-year is like having a financial GPS. Instead of hoping

you’re on the right path, you get expert guidance, proactive strategies, and the ability to adjust course before it’s too late. Tax laws change often, and a professional can ensure you’re not missing out on new deductions, credits, or planning opportunities.

Financial Independence Starts with a Plan

Just as a plan was laid to begin the groundwork for our nation’s freedom, laying the groundwork for your tax plan today can help ensure a smoother tax season next year. So, use this 4th of July to declare independence from last-minute tax stress by gaining as much information today!

Happy Independence Day—here’s to your financial freedom!