Business

Small Business Owners: Optimize Your Financial Strategy with a Mid-Year Check-In

Written by TurboTaxBlogTeam
Published Jul 2, 2024 - [Updated Jul 21, 2026]
3 min read
Reviewed by Jotika Teli, CPA Lena Hanna, CPA

We’re more than halfway through the year. If you’re a small business owner, now is the perfect moment for a mid-year financial check-in.

Are you hitting your tax and business targets?

Are there financial trends or changes you should address?

Here’s a straightforward list on what to include in your mid-year review. It should take you less than one hour to do this if you keep your records up to date.

Why do a mid-year check-in Audit your business Maximize your deductions and credits Manage tax payments and retirement savings Get organized for tax season

Why do a mid-year check-in

A mid-year financial review not only helps identify tax issues early, it also helps you target your broader business strategy for the rest of the year. Doing this helps you avoid unnecessary penalties and allows you to stay ahead of key decisions.

Conducting a thorough mid-year review involves examining several key areas. These reviews ensure that you not only comply with tax regulations, but that your financial practices are optimized for the future success of your business.

Audit your business

Check the numbers. Check actuals vs. budget, cash runway, and margins. Are they holding or slipping? Then look at who owes you and who you owe, since slow collections or late payables can slowly drain cash.

Check the business itself. Which clients or products are actually profitable once you factor in time and overhead. Check customer retention and whether you’re too dependent on one or two big accounts. Scan for unnecessary expenses or subscriptions that you might not be using or don’t need anymore. And check whether staffing still matches your workload.

Review your goals. Are your January goals still realistic given how the year’s gone? Pick one thing to start, stop, or double down on based upon these suggestions, and set your next check-in date now.

Maximize your deductions and credits

Review the deductions and credits you can claim. This is vital. Deductions lower your taxable income, while credits reduce your tax bill directly. Review the 20 types of deductions for self employed people and see if you are up to date and taking advantage of every deduction you’re entitled to.

Self-employed health insurance premiums. If you’re self-employed, you can deduct health insurance premiums as an above-the-line adjustment to income. Make sure to track those premiums.

Make charitable donations. Donating to qualified organizations can lower your tax bill, and support causes you care about.

Business Owner's Guide to Optimizing Tax Deductions by Jereshia Hawk eBook

A Business Owner’s Guide To Optimizing Tax Deductions walks you through exactly which business expenses are deductible, how to calculate them, and what documentation you’ll need to back up your claims. Get the eBook and start keeping more of what you earn.

Manage tax payments and retirement savings

Review and adjust estimated tax payments. Staying on top of estimated tax payments helps you avoid underpayment penalties and surprises at the end of the year. These payments have deadlines. Here’s a guide to pay your quarterly taxes.

Boost your retirement savings. Contributing to retirement accounts (like IRAs or 401(k)s) reduces your taxable income and secures your financial future.