5 Smart Tax Moves to Make Before Mid-Year

As we settle into the second quarter of the year, many individuals and small business owners are tempted to put taxes on the back burner. But savvy financial planning doesn't stop after April 15—it evolves. Taking smart tax steps now can save you money, reduce stress later, and help your business or household run smoother throughout the year.

At 1st Source Tax and Accounting, we’re here to guide you all year long. Here are five smart tax moves to consider making before mid-year:

1. Adjust Your Withholding or Estimated Payments

If you received a large refund or owed more than expected this tax season, now is the time to adjust. Use the IRS Tax Withholding Estimator or speak to your accountant to fine-tune your paycheck withholdings or estimated quarterly payments. This helps avoid surprises next spring.

2. Organize & Digitize Your Financial Records

Staying organized is one of the best ways to stay ahead. Start now by digitizing receipts, mileage logs, and business expenses. Use apps or secure cloud-based storage to track everything in real-time. This cuts down prep time when tax season returns.

3. Max Out Retirement Contributions Early

Contributing to retirement accounts like IRAs, 401(k)s, or SEP IRAs isn’t just good for your future—it can also lower your taxable income. The earlier you contribute, the more compound growth you benefit from. Bonus: It spreads out the financial burden over the year rather than a last-minute scramble.

4. Track Business Expenses & Deductions Now

For small business owners, freelancers, and gig workers, proactive expense tracking is key. Deductible expenses like home office costs, business meals, and travel should be logged as they happen. 1st Source can help you categorize and track these properly to maximize your write-offs.

5. Review Changes in Tax Law or Life Circumstances

Life changes—like getting married, having a child, buying a home, or starting a new business—can all impact your tax status. So can new tax laws or credits (such as clean energy incentives or small business tax relief). Let’s schedule a mid-year review to make sure your tax strategy still fits your goals.

Bonus Tip: Schedule a Mid-Year Tax Check-In

A 30-minute session with your 1st Source advisor can save you hours (and dollars) come January. We’ll help you identify opportunities, avoid pitfalls, and keep your financial health on track.

Let’s Plan Ahead Together
Tax season may be behind us, but smart planning is always in style. Contact 1st Source Tax and Accounting today to set up your personalized mid-year review. Let’s make this year your most financially confident yet.

📞 Call us at: 770-529-6300
📧 Email: Mail@1stax.com