As we reach the halfway point of the year, now is the perfect time to take a quick look at your tax situation. A mid-year review can help you identify planning opportunities, avoid surprises, and make tax season 2026 much smoother. At Kopsa Otte, we believe proactive planning leads to better outcomes. Here are a few areas to review before year-end:
Mid-Year Tax Planning Checklist
Get Organized
Keep income documents, receipts, charitable contribution records, and other tax-related paperwork in one place. Good records make tax preparation easier and help ensure you don’t miss valuable deductions or credits.
Review Life Changes
Marriage, divorce, a new child, or other family changes can affect your filing status, tax liability, and eligibility for tax benefits.
Check Your Withholding
Tax law changes and changes in income can impact how much tax should be withheld from your paycheck. Reviewing withholding now can help prevent an unexpected tax bill next spring.
Understand Your AGI
Your Adjusted Gross Income (AGI) affects many deductions and credits. Mid-year is a good time to explore strategies that may help manage taxable income before December 31.
Update Personal Information
If you’ve moved or changed your name, be sure your employer, financial institutions, and applicable government agencies have current information.
Boost Retirement Contributions
Contributions to retirement accounts may help reduce taxable income while strengthening your long-term financial future.
Looking Ahead to Tax Season 2026
Before year-end, consider taking these additional steps:
- Review estimated tax payments and withholding
- Update bookkeeping and financial records
- Evaluate retirement contribution opportunities
- Plan charitable giving
- Discuss tax law changes that may affect you
- Schedule a year-end tax planning meeting
We’re here to help! Whether you’re an individual, business owner, or farm operator, a little planning now can lead to greater confidence when tax season arrives. Clients, keep an eye out for our pre-tax meeting notices for pre-tax meetings to finish the year strong