Mid‑Year Financial Checkup: Reset Now, Plan for Taxes, and Prepare for Success
As 2025 reaches its midpoint, the time is now to pause, carefully reflect on your progress, and take meaningful, deliberate action. Conducting a solid mid‑year accounting review can not only help steer your business firmly toward successfully achieving your year‑end goals, but also offer valuable clarity and deeper insight for next year’s tax season preparations. Additionally, this important review can serve as a crucial first step in laying a strong financial groundwork for a potential home purchase planned within the next couple of years.
The earlier you start, the more options you have
Mid‑year tax planning creates opportunities to lower liabilities, improve cash flow, and make informed financial decisions.
Why a Mid‑Year Financial Reset Matters
Most small business owners delay financial reviews until Q4—when it's often too late. By contrast, a mid‑year accounting checkup offers:
Real‑time clarity on trends in profits, cash flow, and expenses
Identification of fund leaks or inefficiencies
Room to adjust pricing, operations, or strategy mid‑year
Next Year’s Tax Season Is Closer Than It Seems
Tax season 2025 began on January 27, 2025, with the IRS expecting over 140 million returns IRS. Yet the agency’s workforce dropped by 26% between January and June of 2026, straining its capacity. Couple that with new tax laws—including expanded SALT deductions, renamed GILTI provisions, and ongoing changes to small‑business credits —and you have a landscape where clear, early preparation is critical.
A mid‑year checkup helps you:
Ensure your trial balance mirrors your 2024 tax return—crucial for next season
Adjust estimated tax payments to avoid year‑end surprises
Leverage new credits (hiring, sustainability, tech investments) before year-end
The Mid‑Year Boost: What You Should Be Doing
Here’s a short checklist to guide your review:
Reconcile accounts: Bank, credit card, PayPal, payroll—align your books with reality.
Update financial statements: P&L, Balance Sheet, Cash Flow—month by month for visibility.
Review tax filings and estimates: Prepare paperwork for Q3/Q4 and catch any missed filings.
Recompute cash flow projections: Back‑of‑envelope or detailed roll‑outs into year‑end.
Identify tax‑saving actions: Retirement contributions, asset depreciation, credits.
Plan ahead: Adjust withholding or Q4 estimates in line with new legislation.
Laying Groundwork for Homeownership in Two Years
As you clear the fog in your business, it’s the perfect time to start planning for major financial goals—like homeownership within two years. Here's what the data says:
Mortgage rates are high—hovering between 6–7% in 2025
Home prices—and incomes—are rising steadily. In 30 states, you’ll need average six‑figure incomes to purchase the typical home
Inventory is increasing (+28.9% June 2025), giving buyers more leverage
Creative strategies like rate buydowns, seller concessions, or family support are increasingly used
Homeownership readiness means: 20% down payment to avoid PMI (or 5–10% for first‑timers), solid credit scores, tight debt‑to‑income ratios
Bottom line: Setting a monthly savings plan, improving cash flow, and stabilizing your financial house are essential first steps—right now.
Why Act Now?
Better visibility = better business decisions in Q3/Q4
Tax law complexity means early movers win
IRS staffing cuts signal the importance of early filing
Homebuyer competitiveness increasing—being prepped gives you leverage
Ready to Level Up?
Book your mid‑year accounting session today.
We serve in the personal and small business space with virtual agents and clients from around the world.
Let us work with you to end‑of‑year clarity, smart tax strategy, and steady progress toward your homeownership dream.
Ntare Financial – Where Numbers Meet Strategy.