The Top 3 Tax Moves to Make This Summer

Tax planning isn’t just for April. In fact, some of the smartest tax strategies happen in the middle of the year. Summer is the perfect time to get ahead of the curve, make adjustments, and prepare your business for a smooth year-end. By taking action now, you’ll reduce stress, maximize savings, and avoid the last-minute scramble when tax deadlines roll around.

Here are the top 3 tax moves to make this summer to set your business up for success:

1. Adjust Your Estimated Tax Payments

If you make quarterly tax payments, summer is the perfect checkpoint. Review your business’s income for the first half of the year and compare it to what you originally projected. If your revenue is higher than expected, you may need to increase your estimated payments to avoid underpayment penalties. On the other hand, if revenue has slowed, adjusting payments could free up cash flow for your business.

Tip: Use your Profit & Loss (P&L) statement to calculate accurate estimates. This ensures you’re paying just the right amount—not too much, not too little.

2. Maximize Deductions Before Year-End

Don’t wait until December to think about deductions. Summer is a great time to review your expenses and identify opportunities to reduce your taxable income. Common deductions include:

• Home office expenses

• Business mileage and vehicle costs

• Office supplies and equipment purchases

• Professional development and training

• Health insurance premiums (if you’re self-employed)

By staying proactive, you’ll avoid missing out on deductions and reduce your overall tax burden.

3. Organize Your Records Now

Summer is a great time to tidy up your financial documents. Make sure your receipts, invoices, payroll records, and bank statements are organized and easily accessible. Not only does this simplify tax filing, but it also helps you make better decisions about your business’s financial health.

Tip: Consider switching to a cloud-based bookkeeping system if you’re still juggling paper files or spreadsheets. It will save you time and provide secure, organized storage for all your financial records.

Set Yourself Up for a Stress-Free Tax Season

The sooner you take control of your tax planning, the smoother the rest of the year will be. By adjusting estimated payments, maximizing deductions, and organizing your records now, you’ll position your business for financial success in Q3 and Q4.

At InK Bookkeeping, we specialize in helping small business owners simplify tax planning and bookkeeping so they can focus on growing their businesses—not stressing over paperwork.

Ready to get your summer tax strategy in order? Schedule a mid-year financial review with us today and set yourself up for a stress-free tax season.

Contact us online or book your consultation here!