Midyear Tax Planning Strategies: What to Do Now

Midyear tax planning is a strategy that can help reduce your tax burden next filing season. Here’s what you should do now.

neon sign of the word now for midyear tax planning
(Image credit: Getty Images)

It probably feels as though you just filed your taxes — and here we are offering an article on midyear tax planning. The truth is that while many people are understandably tuned into taxes in March and April when filing season is in full swing, tax planning is most effective as a year-round endeavor.

Of course, that's in part because taking a proactive approach to tax planning can help minimize your tax burden when filing season inevitably arrives. But the peace of mind that can come from taking charge of your finances (and your taxes), so that you can focus on living your best life, is valuable as well. 

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.