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Mid-Year Tax Check-Up: Are You on Track?

Mid-Year Tax Check-Up: Are You on Track?

Posted on 07/29/2024

1. Review Withholding and Estimated Payments:
   1. Check if your current withholding aligns with your expected tax liability.
   2. Adjust your withholding or make estimated payments if necessary.
2. Evaluate Life Changes:
   1. Consider any life changes (marriage, divorce, new dependents) that may affect your tax situation.
   2. Update your W-4 form to reflect these changes.
3. Check Retirement Contributions:
   1. Ensure you're maximizing contributions to your 401(k), IRA, or other retirement accounts.
   2. Consider catch-up contributions if you're over 50.
4. Track Charitable Contributions:
   1. Keep records of all charitable donations.
   2. Ensure they are from qualified organizations to claim deductions.

1. 1. Assess Income and Expenses:
   1. Review your year-to-date income and expenses.
   2. Adjust your financial projections and budget accordingly.
2. Review Estimated Tax Payments:
   1. Ensure you've made appropriate quarterly estimated tax payments.
   2. Adjust future payments based on updated income projections.
3. Evaluate Depreciation and Asset Purchases:
   1. Review your depreciation schedules.
   2. Plan any significant asset purchases before the year-end for tax benefits.
4. Stay Informed on Tax Law Changes:
   1. Keep up-to-date with any new tax laws or changes that could affect your business.
   2. Consult with a tax professional to understand their impact.
5. Organize Financial Records:
   1. Maintain organized and accurate financial records.
   2. Use accounting software to streamline record-keeping and reporting.