Mid-Year Tax Tips & Financial Check-In: Stay Ahead Before Year-End

Maximizing Success: Are You on Track to Hit Your Year-End Targets?

As we cross the midpoint of the year, it’s the perfect time to pause and take stock of your financial and tax situation. A mid-year check-in can help you spot opportunities, avoid costly surprises, and take smart steps now that could save you money when tax season rolls around.

Here are some essential mid-year tax and financial tips to keep you on track:

1. Revisit Your Withholding & Estimated Taxes

If your income has changed—due to a raise, side hustle, or even job loss—it’s wise to check your tax withholding using the IRS Tax Withholding Estimator. Under-withholding can lead to a surprise tax bill, while over-withholding means giving the IRS an interest-free loan.

Tip: If you're self-employed or earning freelance income, review your estimated tax payments to make sure you're paying enough each quarter.

2. Review Retirement Contributions

Contributing to retirement accounts like a 401(k) or IRA not only builds your future nest egg but can also reduce your taxable income.

• 401(k) limit for 2025: $23,000 (plus $7,500 catch-up if 50+)

• IRA limit for 2025: $7,000 (plus $1,000 catch-up if 50+)

Tip: If you received a mid-year bonus, consider directing part of it toward retirement.

3. Evaluate Health Savings Accounts (HSAs) & Flexible Spending Accounts (FSAs)

If you're enrolled in a high-deductible health plan, maxing out your HSA is a triple tax win—contributions are tax-deductible, growth is tax-free, and withdrawals for qualified expenses are tax-free.

HSA Contribution Limits (2025):

• Individual: $4,300

• Family: $8,550

• Catch-up (55+): Additional $1,000

FSAs generally operate on a “use-it-or-lose-it” basis, so review your balances and plan upcoming medical, dental, or vision expenses accordingly.

4. Scan for Tax Credits & Deductions

Certain tax breaks require action before December 31. Common ones include:

• Child Tax Credit

• Education Credits (like the American Opportunity Credit)

• Energy-efficient home improvements

• Charitable donations

Tip: Keep records and receipts now to avoid scrambling at tax time.

5. Audit Your Budget & Financial Goals

Tax planning isn’t just about numbers—it’s also about aligning with your financial goals.

• Are you on track with savings or debt repayment?

• Can you increase contributions to an emergency fund?

• Are there any large expenses coming up (vacations, tuition, home repairs)?

Mid-year is the perfect time to tweak your budget and make sure your spending aligns with your priorities.

6. Schedule a Tax Planning Session

Meeting with a tax advisor or financial planner now can help you strategize before year-end. It’s easier to make adjustments when you still have time to act, rather than trying to fix things during tax season.

Tax planning isn't just a once-a-year task. A quick mid-year review can improve your financial outlook, reduce stress, and ensure you’re making the most of the opportunities available. Take a little time now—you’ll thank yourself in April.