Summer might feel far from tax season, but it’s the perfect time to make a few smart moves that can reduce stress—and your tax bill—later on.
1. Check Your Withholding
A mid-year review of your paycheck can help you avoid surprises next April. Use the IRS withholding calculator to see if adjustments are needed.
2. Maximize Retirement Contributions
Summer is halfway through the year—are you on track to hit your 401(k) or IRA goals? Adding a little extra now can grow tax-deferred savings and reduce taxable income.
3. Track Summer Side Hustles
If you’re earning extra income—think consulting, Airbnb hosting, or freelance work—start tracking expenses now to claim deductions later.
4. Plan for Education Credits
If you or your kids are taking summer classes, keep receipts. Some tuition and education-related costs could qualify for tax credits.
5. Donate & Declutter
Summer cleaning? Donating clothes, furniture, or household items to charity not only helps others but could also give you a tax deduction.
A quick tax checkup now means fewer headaches (and potentially more savings) when tax season rolls around.
