We’re more than halfway through 2026, which makes this a good time to step back and look at where your business stands compared to the goals you set at the beginning of the year.
Many business owners are so busy running their business that they don’t stop to evaluate where things stand until tax season. By then, some planning opportunities may have already passed.
A few things worth reviewing right now:
- Revenue compared to last year
- Cash flow and available working capital
- Outstanding receivables
- Upcoming equipment or vehicle purchases
- Estimated tax obligations
- Jobs booked, backlog, or other leading indicators
One of the biggest misconceptions we see is that tax planning happens at year-end. In reality, many planning opportunities are identified much earlier. By this point in the year, we often have enough information to project income, estimate tax liability, and discuss strategies before decisions become rushed.
As you head into the second half of the year, ask yourself:
- Am I on track to meet my goals?
- Is cash flow where I expected it to be?
- Are there major purchases or business changes ahead?
- Have I reviewed my estimated tax obligations?
- Does my current business structure still make sense?
There’s still plenty of time to make adjustments before year-end, but it’s a lot easier to do now than in December.
Waiting until tax season often limits planning opportunities. Reviewing things now gives you more time to evaluate options and make informed decisions before year-end.
Sincerely,
Busek Olson & Associates | Taxman | West Fargo Tax & Accounting
Billing Disclosure: Questions, consultations, emails, and phone calls that require review, analysis, or guidance are considered consulting services and may be billed in accordance with our billing policy. Our team determines whether a service meets this standard. Please note that all services provided outside of your engagement are billable at our current standard rates unless otherwise agreed upon in advance.