The end of July is quickly approaching. Summer is in fulljuly calendar.jpg bloom! Barbeques are hot and the watermelon is cool. We are far from next the next personal tax deadline and probably thinking…taxes shmaxes!

July is the perfect time to consider a mid-year financial review. Putting a little time into assessing your current position can help you avoid stress later. Take action and alleviate anxiety by controlling your finances. Keep yourself from falling into the pit of being passive with your money. Here are some benefits!

Chance to adjust your estimated tax payments or withholding. Don’t be slammed with a tax bill you aren’t expecting. Follow this link to my previous article. I walk you through the calculations to determine how much you should have withheld from your paycheck. I also include easy estimated tax calculations for those of us who are self-employed. If you haven’t paid enough year-to-date, you’ll be able to make adjustments during the last half of the year.

Opportunity to evaluate your record keeping system. If it’s difficult to find receipts now, imagine adding 6 months more to the stack! Deal with the paper now and save time in the spring! If you have piles of receipts all over your home, now might be the time to implementing a new filing system.

Occasion to review your prior year tax returns. This is especially important if you plan on switching accountants or tax professionals this year. You probably know your finances better than anyone. Understand or learn about your position. This is the time to ask questions of yourself and others.

Locate reconciliation discrepancies. Here’s a great chance to catch any errors in your financial software. Make sure your June 30th balances match your statements. Research any outstanding transactions and clear them from your books if necessary!

TIP: Remember, the longer you wait to fix a reconciliation discrepancy in your software, the more expensive it will be to fix!

Opportunity to review your income versus expenses. Have you started spending more money on coffee now that your office has relocated? All the small expenses add up. When you keep track of your spending you will spend more consciously.

Chance to catch little details. Look at your income versus expenses. Are all your expenses listed? Did you forget anything? Remember, if your partner paid for tax deductible or self-employed business expenses on your behalf make sure to include that in your records!

If you’re self-employed, this is the perfect opportunity to evaluate your business. Who are your most valuable clients or projects? Would you like to implement changes or prepare for a fee increase? Are there categories where you can cut expenses? The expense of a consultation with your accountant or tax professional could save you a fortune!

Check in with your savings. Are your savings accounts lower than you would like? Can you put more money aside each paycheck? Are you getting the best return on your savings? Should you put some money into a CD for a short period and reap a slightly higher interest rate?

If you would like a mid-year review, accounting services, or tax assistance, please contact me for a complimentary telephone consultation. Queercents readers mention the site for 20% off Dollars and Sense services!