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Mid-Year Financial Checkup: Why May is the Perfect Time to Meet with Your CPA

Published May 1st, 2025 by Nacca And Capizzi

Tax season may be behind you, but smart financial planning should never stop. For individuals and small business owners in Rochester, NY and Greece, NY, May marks the ideal point to pause, assess, and prepare for the rest of the year. Waiting until next tax season often leads to rushed decisions, missed deductions, or worse — costly surprises.

Instead, a mid-year financial checkup gives you the opportunity to stay on top of your finances and make strategic adjustments while there’s still time. At Nacca & Capizzi, we help local clients use this window of opportunity to strengthen their tax strategies, improve cash flow, and achieve their financial goals.

Here’s why meeting with your CPA in May is so important — and how we can help.

1. Review Your Recent Tax Return and Plan for Improvements

Now that tax season is complete, your return holds valuable information. Were you surprised by a large tax bill, or did you receive a refund you weren’t expecting?

Both scenarios point to a potential issue with your tax planning. Large refunds may sound positive, but they indicate you withheld too much, effectively loaning the government your money interest-free. Owing money, on the other hand, could suggest under-withholding or missed opportunities to reduce taxable income.

Meeting with a CPA for a mid-year review allows you to:

Identify areas where you may have missed deductions or credits
Adjust your tax strategy for this year to avoid repeat surprises
Plan for changes to your income or deductions

Our team at Nacca & Capizzi offers Tax Planning and Preparation Services to help clients understand their returns and make smarter choices moving forward.
Contact us today to schedule your review.

2. Adjust Withholdings or Estimated Tax Payments

One of the most important reasons for a mid-year checkup is to reassess your withholdings or estimated tax payments.

If your income has changed due to a raise, new job, or self-employment, your current withholding amounts may no longer be accurate. Without adjustment, you could face penalties next year or miss the chance to optimize your cash flow.

During a mid-year meeting, your CPA can:

Calculate your projected tax liability for the year
Recommend adjustments to your Form W-4 or estimated tax payments
Avoid overpaying or underpaying as the year progresses

Nacca & Capizzi assists many small business owners and individuals with these decisions through our Tax Services.
Request help today.

3. Review Business Performance and Optimize for Growth

For business owners in Rochester and Greece, May is a pivotal time to review financial performance and make informed adjustments before the busy summer and fall seasons begin.

A mid-year review allows business owners to:

Assess profitability and cash flow
Compare actual results to budget projections
Adjust expenses, pricing, or staffing if necessary

This isn’t just about taxes — it’s about overall financial health and strategic planning. Our Business Services team works hand-in-hand with local business owners to support smart growth and long-term success.
Schedule your mid-year business review now.

4. Take Advantage of Retirement Contributions and Tax-Advantaged Savings

Tax-advantaged accounts are powerful tools — but only if you contribute to them consistently throughout the year. Waiting until year-end can make it difficult to reach contribution limits or fully capitalize on available deductions.

May is the right time to review and adjust contributions to:

IRAs and Roth IRAs
Solo 401(k) or SEP IRA accounts for small business owners
Health Savings Accounts (HSAs)
529 College Savings Plans

Our Tax Strategies for Individuals team can help evaluate the best options based on your goals and financial situation.
Book a financial planning session today.

5. Plan for Major Life Events and Changes

Your tax strategy should change as your life changes. Major milestones and shifts in circumstances can significantly impact your taxes — both this year and beyond.

Examples include:

Getting married or divorced
Adding a child to your family
Changing jobs or starting a business
Buying or selling a home
Planning for retirement

Nacca & Capizzi helps clients prepare for and manage these transitions with our Life Events Planning services.
Let’s discuss your upcoming changes.

6. Build a Year-Round Tax Strategy

While tax season gets most of the attention, tax planning is a year-round process. Meeting mid-year gives you time to:

Implement tax-saving strategies before year-end
Track deductions and credits more effectively
Avoid costly last-minute decisions

At Nacca & Capizzi, we view ourselves as your year-round tax partner — not just someone you call in April. Our Business Services and Tax Planning solutions are designed to help you stay organized, tax-smart, and financially sound all year long.

Stay Proactive with Nacca & Capizzi

Tax season may be over, but now is the time to take charge of your finances. A mid-year financial checkup offers individuals and business owners in Rochester, NY and Greece, NY the chance to:

Correct course if needed
Maximize savings and tax advantages
Plan with confidence for the rest of 2025 and beyond

Our CPAs are ready to help you review your current situation and build a strategy tailored to your unique goals.
Call us today at (585) 225-9290 or schedule your consultation to get started.

Disclaimer: This article provides general financial information and does not constitute tax advice. For personalized recommendations, please consult with the professionals at Nacca & Capizzi.

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