5 Tax Moves to Make This Summer

Christopher Abell
May 22
2 min read

Summer marks the perfect window to reassess your finances and avoid a stressful year-end. Whether you’re an S-Corp owner, independent contractor, or small business professional, these five proactive steps will help you stay on track—and keep more of what you earn.

1. Recalculate Your Estimated Taxes

Deadline to know: June 16 (Q2 estimates due). If your income has shifted since the start of the year, now’s the time to update your estimated tax payments. Overpaying ties up cash; underpaying leads to penalties. We recommend reviewing your YTD income and adjusting projections accordingly—especially if you’ve taken on more work, lost clients, or added new revenue streams.

2. Run a Mid-Year Payroll Review

For S-Corp owners, “reasonable salary” isn’t optional. The IRS expects you to pay yourself a wage that matches your role and responsibilities. Mid-year is your chance to:

Confirm you're on track for compliance
Adjust wages to match business performance
Avoid scrambling to fix underpayment issues in December

3. Clean Up Your Books

Too many business owners wait until Q4 to catch up on bookkeeping. Get ahead by:

Reconciling your bank and credit card accounts
Categorizing uncoded transactions
Separating personal charges that snuck onto business cards
Reviewing your P&L for accuracy

4. Review Your Retirement Contributions

Are you on pace to max out your IRA or 401(k)? Many high earners wait until the last minute, missing out on consistent contributions and year-round tax savings. Mid-year is the time to:

Calculate YTD contributions
Make adjustments based on updated profits
Confirm you’re using the most tax-efficient plan for your structure

5. Plan Ahead for Year-End Write-Offs

Want to take advantage of Section 179 or other deductions? Start planning now. If you're considering big-ticket purchases, charitable donations, or employee bonuses, June gives you the foresight to spread expenses and strategize.

Don’t Wait Until Fall

These small check-ins can save you thousands—and help you avoid the rush when Q4 rolls around. At Abell & Advisors, we help clients stay ahead with proactive guidance, not just last-minute fixes. Book a mid-year review now!