Struggling to keep your small business taxes on track this year? You’re not alone. Over 60% of small business owners in the U.S. admit they feel unprepared when tax season arrives. That’s why mid-year is the perfect time to take a step back and make sure your tax planning is on point.
Staying ahead now means fewer headaches later. It also gives you a better chance at saving money before the year ends. With help from the best tax accountant in Queens, small business owners can organize, adjust, and take control of their taxes with confidence.
Review Your Estimated Tax Payments
By mid-year, you’ve likely made at least two quarterly tax payments. Now is a good time to double-check your income projections and make sure your payments match.
For example, if your income has increased since the beginning of the year, you may owe more. If your income has dropped, you could be overpaying.
Adjusting your estimated payments now helps avoid big surprises later. A personal accountant in Queens can help you recalculate based on updated numbers so you don’t end up with a tax bill you didn’t expect.
Update Your Expense Tracking System
Small expenses can really add up. But if you’re not tracking them properly, you’re missing out on valuable deductions.
Check if your bookkeeping system is up to date. Are you categorizing your expenses correctly? Are you saving receipts and invoices?
If your system feels messy or inconsistent, it’s time for a cleanup. The best tax accountant in Queens can guide you on setting up simple systems to make expense tracking easy and accurate.
Check for Missed Deductions
Have you claimed everything you’re allowed to? Many small business owners forget about deductions for:
- Home office use
- Business mileage
- Software and subscriptions
- Phone and internet usage
- Equipment depreciation
A mid-year review helps you catch these before they fall through the cracks. A personal accountant in Queens will help identify deductions you may not have considered and ensure they are documented properly.
Review Payroll and Employee Withholding
If you have employees, payroll accuracy is critical. Errors in tax withholding or filings can lead to penalties.
Now’s a smart time to confirm:
- Employees’ withholding is correct
- Payroll taxes are being deposited on time
- All required forms are being filed
A quick payroll check-in can prevent problems from snowballing. Consult with the best tax accountant in Queens to review your payroll setup and ensure full compliance.
Evaluate Business Structure and Tax Strategy
As your business grows, your tax strategy should grow with it. Is your current structure (like sole proprietorship, LLC, or S Corp) still the best choice?
Sometimes switching structures can lower your tax burden. For example, electing S Corp status may reduce self-employment taxes.
A mid-year strategy session with a personal accountant in Queens gives you time to make these changes before year-end. Don’t wait until it’s too late to benefit from a more tax-friendly structure.
Assess Your Retirement Contributions
Small business owners often forget that contributing to a retirement plan isn’t just good for the future—it’s a smart tax move now. If you haven’t started a plan like a SEP IRA or Solo 401(k), consider doing so. These accounts allow large contributions, and those reduce your taxable income.
The best tax accountant in Queens can show you how much you can contribute and how it affects your taxes.
Organize Receipts and Tax Records
If your financial paperwork is scattered across drawers, folders, and inboxes, now’s the time to organize it.
Store receipts digitally, separate personal and business expenses, and file all important tax documents. This will make year-end preparation easier—and more accurate.
A personal accountant in Queens can help you set up a basic filing system and keep everything ready for tax season.
Plan for Equipment Purchases or Upgrades
Thinking about buying new equipment or technology? Buying before the end of the year could offer tax deductions under Section 179 or bonus depreciation rules.
Mid-year is a great time to look ahead at your budget. Buying in Q3 or Q4 might bring big savings when filing taxes.
Talk to the best tax accountant in Queens to decide when it’s best to make these investments.
Why Mid-Year Planning Pays Off
It’s easy to ignore tax planning until December. But smart business owners know that the earlier you prepare, the more you can save. Meeting with a personal accountant in Queens mid-year means more time to adjust, more time to save, and less stress at tax time.
Use this checklist to stay in control. Don’t wait until the end of the year. Make your next move today—and keep your business ready and running smoothly.