July is the perfect time to review your financials, adjust your estimated tax payments, and make sure your bookkeeping is caught up. Here's your mid-year financial health checklist.
Your Mid-Year Financial Health Checklist
Pull your profit and loss statement for January through June. Compare it to the same period last year and to your budget. Are revenues tracking where you expected? Are expenses in line? If your net income is significantly higher than last year, you may need to increase your estimated tax payments to avoid an underpayment penalty. If it's lower, you may have an opportunity to accelerate some deductions.
Estimated Tax Payments: Q2 Recap and Q3 Preview
The Q2 estimated tax payment was due June 16. If you paid based on last year's liability (the safe harbor method), you're protected from underpayment penalties regardless of what you owe at filing. If you're paying based on current-year income, now is a good time to recalculate. The Q3 payment is due September 16 — mark your calendar now.
Catch Up on Bookkeeping Before It Becomes a Crisis
If your books are behind, July is the time to catch up — not December. Waiting until year-end to reconcile six or twelve months of transactions is expensive, stressful, and error-prone. Our bookkeeping team can get you caught up quickly and set up a system to keep you current going forward. Don't let a backlog become a bigger problem.
From the Firm
We've added new service hours on Saturdays through the summer to accommodate clients who can't meet during the week. Call (918) 205-1350 or email accounting@mccloudea.tax to schedule your mid-year review. We're here to make sure the second half of 2026 is your best yet.