Mid-Year Money Moves: 6 Smart Tax Tips to Heat Up Your Summer Finances

Summer isn't just for sunshine, staycations, and sweet tea—it’s also the perfect time for a financial refresh. While taxes may be the last thing on your mind in June, this mid-year mark is ideal for getting ahead before year-end stress sets in.

Here are 6 smart summer tax planning tips to keep your finances cool and compliant:

☀️ 1. Check Your Withholding

If you've had a life change this year—new job, side gig, marriage, or a baby—it’s time to check your W-4 and make sure your withholding matches your new reality.

✅ Pro Tip: Use the IRS Withholding Calculator or book a mid-year review with us.

🍉 2. Make the Most of Summer Business Deductions

Are you a business owner or freelancer? That family trip might include a conference, client meeting, or location scouting—yes, that can be partially deductible. Just keep detailed records and document the business purpose.

✅ Pro Tip: Travel, meals, and mileage all count—if they're legit and logged.

🏖️ 3. Do a Summer Bookkeeping Sweep

Half the year is behind you! Take a couple of hours to reconcile bank accounts, categorize expenses, and review profit/loss. This small step now will save big time in Q4.

✅ Pro Tip: Use QuickBooks or hire us to get your books summer-ready.

🍧 4. Top Off Retirement Contributions

Planning a little extra financial peace-of-mind? Now’s a great time to contribute to your IRA, Solo 401(k), or SEP plan—especially while your income is fresh and consistent.

✅ Pro Tip: Contributing early compounds your wealth AND your peace of mind.

⛺️ 5. Make the Most of Summer Camps & Childcare

Did you know summer day camps may qualify for the Child and Dependent Care Credit? If your kids are in care so you can work, run your business, or look for work, you might be eligible for this valuable tax break.

📆 6. Schedule a Tax Strategy Session

The biggest financial mistake? Waiting until December. We can help you reduce your tax bill, plan for estimated payments, and spot missed opportunities before it’s too late.

✅ Pro Tip: Mid-year planning often saves more than year-end scrambling.

💼 Let’s Make This a Smooth (Tax) Season

At Collins & Collins Tax Advisors, we believe every season is tax season—but summer is your secret weapon. Book your mid-year strategy session today and stay ahead of the curve, cool, calm, and compliant.