With the April filing deadline behind us, May is one of the best times of the year to focus on proactive tax planning. Many taxpayers wait until year-end to think about taxes, but planning earlier often creates more opportunities to reduce surprises and improve overall financial outcomes. Here are a few things to keep in mind as we head into summer!
2nd Qtr. Estimated Tax Payments
Taxpayers who are self-employed, have investment income, rental income, or receive income without withholding may need to make quarterly estimated tax payments.
The next federal estimated payment deadline is June 16, 2026.
Deductible Travel Expenses
For deductible business travel expenses, keep records showing dates and locations, purpose, receipts, and contacts involved.
Remember that personal vacation expenses are not deductible, only the business portion of mixed-purpose travel may qualify, and meals are generally subject to limitations.
Retirement Contributions
Depending on your situation, you may want to consider increasing 401(k) salary deferrals, reviewing Roth versus traditional retirement contributions, evaluating SEP IRA or Solo 401(k) options if you are self-employed, and taking advantage of catch-up contributions if you are 50 or older.
Even small increases in retirement savings can have meaningful long-term impact.
We’re Here to Help!
Our goal is to provide proactive guidance throughout the year — not just during filing season.
If you have questions about tax planning, estimated payments, business income, or upcoming life changes, please contact our office to schedule time with your preparer.