We’re officially halfway through the year, and if you haven’t revisited your tax strategy yet—now’s the time.
Too often, business owners wait until the fourth quarter to think about tax planning. But by then, many of the most effective strategies are off the table. Mid-year is your sweet spot: you’ve got six months of real data to review and six months left to make smart, strategic moves.
Here are some commonly missed mid-year tax-saving opportunities:
1. Review Vehicle Deductions
If you use a personal or business vehicle, you may be eligible for deductions—whether you’re taking the standard mileage rate or actual expenses. But tracking and categorizing those expenses now, rather than scrambling in December, ensures you don’t leave money on the table.
2. Reassess Retirement Contributions
Are you on track with your SEP IRA, Solo 401(k), or SIMPLE IRA contributions? Mid-year is the perfect time to increase funding, especially if your revenue is pacing ahead of projections. Contributing more now can reduce your taxable income and build your future.
3. Accelerate or Delay Expenses Strategically
Depending on your profit margins, you might benefit from prepaying certain expenses or delaying income to next year. But you won’t know what makes sense unless you review your books now.
4. Evaluate Payroll and Owner’s Compensation
If you’re an S Corp owner, is your salary still “reasonable” given your current performance? Adjusting now can avoid IRS scrutiny and help optimize your tax position.
5. Check Eligibility for New or Updated Credits
Have any tax credits changed this year? Are you taking advantage of the ones you qualify for? For instance, energy-efficient upgrades, R&D credits, or the Work Opportunity Tax Credit (WOTC) might apply—and they’re often overlooked.
Don’t Wait for Your CPA to Call You
A good tax strategy is proactive, not reactive. If your current tax professional only reaches out at filing time, you could be missing out on thousands in savings and smarter financial decisions.
At Kinstler Brown, we help you identify these strategies in real time—so you can take action when it still counts.
Chad Brown, Co-President of Kinstler Brown Companies, Inc., is passionate about helping small and medium-sized businesses thrive through strategic tax planning and financial coaching. With years of experience in tax consulting and accounting services, Chad specializes in developing customized solutions that maximize savings, optimize cash flow, and support long-term growth. His goal is to empower business owners to make confident financial decisions while minimizing tax liabilities.
Ready to start your journey to smarter tax strategies? Schedule a call with Chad today!