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Mid-Year Check Up

Updated: Jun 15, 2021

Hello Tax Stars * !* !* !* !*

I know it seems like tax season just finished, but guess what? Tax season is YEAR ROUND. This apart of tax planning. You would do this now to prevent waiting towards the end of the year only to get disappointed after you find out you don't qualify for certain credits or deductions. 2 quarters have passed and we are at the halfway point. This is what you should have done now:


  • You should have identified 3 financial goals at the beginning of the year.

  • Monthly budgets: you should be tracking your income and expenses with the budget sheet that was provided in previous emails.

  • You should have visited the w4 calculator on the website to make sure you are having enough taxes taken from your paycheck.

  • You should have a 401k or an IRA started, and taking advantage of employer matching.

  • You should have started a whole life insurance policy for either you, your children, or grandchildren.

  • You should have a file cabinet or box to have all your paperwork organized (see record retention here).

Self-Employed and Business owners

  • You should have completed 5 months closing statements and reconciliation completed.

  • 2 quarterly statements with estimated taxes paid for each quarter.

  • You should have a Legal Insurance plan to cover you and your business.

  • You should have a file box or cabinet to store and have all your documents, contract, and financials organized.

  • You should be documenting sales and expenses through your business bank account, PayPal or Square, or through accounting software like Xero or Quickbooks.

DO NOT WAIT TIL THE END OF THE YEAR TO GET YOUR PAPERWORK IN ORDER! That is too late. You will be placed behind other clients or will have to file an extension depending on how big of a job it is.

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