Can you believe we’re already halfway through the year?
This is the perfect time to take a step back, review your numbers, and make a few minor adjustments that can lead to significant improvements by year-end.
Smart Financial Moves
Here are a few clever financial moves to consider:
- Review your revenue and expenses: Check what’s working, where you’re overspending, and whether you’re on track with your financial goals.
- Update your budget: Adjust your spending plan based on the first half of the year’s performance.
- Evaluate cash flow: Understand when money is coming in and going out—consistency is key to sustainability.
- Plan for taxes: Ensure you’ve set aside enough for estimated tax payments and any upcoming tax obligations.
- Reassess goals: Are your original goals still aligned with your current direction? Make any necessary shifts now.
A mid-year check-in can help you avoid surprises and feel more in control of your business moving forward.
As we approach mid-year and summer begins, we hope you’re making time to rest, recharge, and reflect. If budgeting, cash flow planning, or simply getting your numbers in order is on your mind, don’t hesitate to reach out. Our goal is to ensure your financial foundation is strong and your bases are covered.
Upcoming Tax Deadlines
- June 16, 2025 – Q2 Estimated Taxes Due: Make your second quarterly payment if you expect to owe more than $1,000 in taxes this year.
- July 10, 2025 – Individuals – Report June tip income of $20 or more to employers (Form 4070).
- July 15, 2025 – Employers – Deposit nonpayroll withheld income tax for June if the monthly deposit rule applies. Deposit Social Security, Medicare, and withheld income taxes for June if the monthly deposit rule applies.
- July 31, 2025 – Employers – File a 2024 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. Report Social Security and Medicare taxes and income tax withholding for second quarter 2025 (Form 941) and pay any tax due if all of the associated taxes due weren’t deposited on time and in full.
- Ongoing – State Filing Deadlines: Be sure to check any additional requirements specific to your state, especially for franchise taxes or sales tax filings.
Enjoy the first days of summer and keep moving forward with clarity and confidence.
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