Taxes
July 28, 2026
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July marks the halfway point of the year, making it a natural time to review your financial picture. While many tax related decisions have year-end deadlines, beginning the conversation earlier may provide additional time to evaluate available options and determine whether any planning opportunities exist based on your individual circumstances.
Tax planning is one component of an overall financial plan. Beginning the conversation during the middle of the year may provide additional time to review your financial picture, evaluate potential strategies, and consider whether any adjustments are appropriate for your circumstances.
Many tax-saving strategies, retirement contribution decisions, charitable giving plans, and business planning opportunities are more effective when discussed before the final months of the year. Waiting until November or December can limit the options available and leave less time to implement changes. By July, you may have a better understanding of how the year is unfolding while still having time to make adjustments if appropriate.
A mid-year review may include:
For many taxpayers, September 15 marks the third-quarter estimated tax payment deadline, while October 15 is the filing deadline for individuals who requested an extension. As the calendar moves toward year-end, many tax planning strategies, including capital gain and loss planning, Roth conversions, Qualified Charitable Distributions (QCDs), and Required Minimum Distributions (RMDs), typically need to be evaluated and, where appropriate, completed before December 31.1
Starting these conversations before year-end can provide more flexibility than waiting until the final weeks of the year, when planning opportunities may become more limited.
Having additional time before year-end can make it easier to evaluate potential planning opportunities without feeling rushed. Rather than trying to address everything during the busy final weeks of the year, a mid-year review provides an opportunity to consider your options, gather any necessary information, and coordinate decisions with your financial and tax professionals.
As the year progresses, it may be worthwhile to revisit whether you’re on pace to meet your retirement contribution goals, whether changes in income could affect your tax picture, or whether investment activity has created planning considerations. It can also be an appropriate time to review charitable giving plans, discuss the financial impact of recent family or business changes, and determine whether your tax withholding or estimated tax payments remain appropriate.
Not every review leads to changes, and every situation is unique. However, beginning the conversation earlier can provide more time to evaluate available strategies and implement any decisions that align with your overall financial goals.
Tax considerations often interact with other areas of financial planning, including retirement planning, investment management, estate planning, and charitable giving.
Reviewing these areas together may provide additional context when evaluating financial decisions. Depending on your circumstances, certain strategies may be more appropriate than others.
Significant life events often bring new financial planning considerations, including potential tax implications. Reviewing your financial picture after a major life change can help ensure your planning strategies continue to align with your goals and current circumstances.
Changing jobs may affect your income, tax withholding, employee benefits, or retirement plan contributions. Starting or selling a business can introduce new tax considerations and planning opportunities. Purchasing or selling a home, receiving stock compensation or a bonus, getting married or divorced, welcoming a child or grandchild, transitioning into retirement, or receiving an inheritance can each influence different aspects of your financial plan.
A review following one of these events can help identify areas that may warrant additional attention, including tax planning, retirement savings, cash flow, insurance needs, or estate planning. Taking time to evaluate these changes before year-end can provide an opportunity to coordinate your financial decisions and discuss any planning considerations with your financial and tax professionals.
A mid-year tax review may or may not result in changes to your financial strategy.
In some cases, the review may simply confirm that your current approach continues to align with your objectives. In other situations, it may identify opportunities that can be evaluated over the remainder of the year.
The purpose of the review is to better understand your current financial picture and determine whether additional planning conversations may be appropriate.
Because every individual’s financial situation is different, any tax planning decisions should be considered in light of your specific goals, circumstances, and, when appropriate, in consultation with your financial, tax, and legal professionals.
Sources
This communication is for informational purposes only and does not purport to be a complete statement of all material facts related to any company, industry, or security mentioned. The information provided, while not guaranteed as to accuracy or completeness, has been obtained from sources believed to be reliable. The opinions expressed reflect our judgment now and are subject to change without notice and may or may not be updated. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. This notice shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which said offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state. Readers who are not market professionals or institutional clients of Statera Wealth should seek the advice of their financial advisor before making any investment decisions based on this communication. Additional information on any securities mentioned is available on request.
