Mid-Year Tax Planning Tips for Rochester, NY Residents

Tax season may be over, but proactive financial planning should never take a backseat. For residents of Rochester, NY, mid-year presents an ideal opportunity to evaluate your financial situation, reassess your goals, and prepare for a smoother end-of-year tax experience. At Nacca & Capizzi, we encourage clients to take a pause in June or July to perform a financial check-in—because smart planning now can lead to significant savings later.

Why Mid-Year Tax Planning Matters

Many individuals wait until January to start gathering documents and thinking about their taxes, but by then, the window to make impactful decisions has closed. Mid-year planning puts you in the driver’s seat—giving you time to make adjustments, strategize, and avoid costly mistakes before the year wraps up. Whether you're a W-2 employee, a freelancer, or a small business owner, checking in now helps you:

• Ensure proper withholding or estimated tax payments
• Adjust for any life changes that affect your tax situation
• Maximize deductions and credits proactively
• Make informed retirement contributions
• Prevent underpayment penalties or surprises in April

Request an appointment with our Rochester team today to get ahead of the curve.

Key Areas to Review Mid-Year

1. Withholding and Estimated Payments

Start by looking at your recent pay stubs and tax documents. Have you had a raise, side income, or job change this year? Use the IRS Tax Withholding Estimator to see if you're on track—or better yet, schedule a consultation with our professionals. If you're self-employed or receive significant non-W-2 income, it's essential to evaluate your estimated tax payments and make adjustments for Q3 and Q4.

2. Life Events That Can Affect Your Taxes

Got married? Had a baby? Bought a home? These events impact everything from your filing status to your deductions. If you’re unsure how a major life change affects your financial picture, we can help ensure you're properly positioned. Learn more on our Life Events page or contact us for a personalized review.

3. Retirement Contributions

Take a look at your retirement savings goals. Are you contributing enough to your 401(k) or IRA to take advantage of tax deductions? There’s still time to adjust your contributions for the rest of the year. We can also help self-employed individuals open a SEP IRA or Solo 401(k), which can provide both retirement security and tax advantages.

4. Charitable Giving

Charitable contributions are most effective when planned strategically. Rather than waiting until December, make a giving plan now that aligns with your budget and goals. You'll also ensure your donations meet IRS documentation standards and get the deduction you deserve.

Other Smart Moves to Make Now

• Contribute to or review your Health Savings Account (HSA) or Flexible Spending Account (FSA)
• Review your budget and spending patterns
• Organize financial records for easier filing later
• Evaluate any investment gains or losses and consider tax-loss harvesting

Each of these actions can improve your year-end outlook and reduce stress come filing season. Need help making sense of it all? Book your mid-year checkup now.

Tax Planning for Business Owners in Rochester

If you own a small business in Rochester or Greece, NY, you have even more reasons to assess your financials mid-year. Beyond estimated taxes, business owners should review payroll records, profit/loss statements, and cash flow. Planning now means you can reduce tax liability, implement deductions correctly, and avoid unnecessary penalties. Explore our Business Services to see how we can support your growth.

For contractors, retail stores, real estate professionals, and beyond, our team offers year-round guidance. You can also learn about our QuickBooks ProAdvisor services to help clean up your books or provide monthly reviews.

Let’s Take the Guesswork Out of Taxes

Whether you’re filing individually or running a business, proactive tax planning doesn’t have to be overwhelming. At Nacca & Capizzi, our CPAs and tax professionals walk you through every step—from reviewing withholdings to identifying deductions and planning ahead for life changes. With deep knowledge of local and federal tax laws, we’re here to help you stay compliant, reduce liabilities, and make smarter decisions for the future.

It’s never too early to plan ahead. Schedule your mid-year financial review now or call us at (585) 225-9290. Let’s make the second half of 2025 your most financially confident yet.