Are You Leaving Tax Savings on the Table?

Let's be real—nobody wants to overpay the IRS. But that's exactly what happens when you wait until the end of the year or worse—tax season—to think about your tax situation. Smart tax strategy isn't just a once-a-year thing; it's a year-round habit.

And if you're reading this toward the end of a quarter—congrats! You're already ahead of the game.

Here's the good news: there are still strategic, legal, and proactive moves you can make right now to lower your tax bill, maximize your deductions, and keep more of your money. Whether you're a W-2 employee, a small business owner, or somewhere in between, end-of-quarter tax planning can save you thousands.

Why Timing Matters in Tax Planning

Most people think tax savings happen in April. But by then, your financial year is mostly set in stone. End-of-quarter moves allow you to adjust course while there's still time to make an impact.

Here's why now is a perfect window:

• You still have time to influence your taxable income

• Businesses can make strategic purchases or payments

• Retirement contributions and benefit elections can still be adjusted

• Estimated tax payments are due soon (hint: don't miss them)

Let's break it down by strategy.

1. Make Estimated Tax Payments (Avoid Penalties)

If you're self-employed, a freelancer, or earning income outside of a traditional paycheck—quarterly estimated payments are your responsibility. Missing them or underpaying can lead to IRS penalties.

Action Step:
Double-check your income for the quarter. If it's been a strong one, increase your estimated payment to avoid surprises come tax season.

Bonus Tip: Use IRS Form 1040-ES or talk to a tax pro to get the numbers right.

2. Defer or Accelerate Income Strategically

Business owners and gig workers—this one's for you.

If your income is climbing fast and pushing you into a higher tax bracket, consider deferring income to the next quarter (or year, if applicable). Conversely, if you expect next quarter to be stronger, recognize more income now while your bracket is lower.

Example:
If you're planning a big invoice on June 30th, maybe wait a few days and bill it July 1st. Boom—next quarter.

3. Accelerate Deductible Expenses

Got upcoming business purchases, marketing spends, or even software subscriptions?

Pay them before the quarter ends and you may be able to deduct them on this year's taxes. Think of it like a fire sale on savings.

Qualifying Expenses Might Include:

• Office supplies or electronics

• Professional fees (bookkeeping, legal, consulting)

• Mileage and travel expenses

• Home office improvements

• Continuing education or certifications

4. Maximize Retirement Contributions

If you're contributing to a 401(k), SIMPLE IRA, or SEP IRA—this is your chance to make strategic moves.

For Employees:
You can adjust your paycheck deferral amounts before the end of the quarter to increase tax-deferred savings.

For Business Owners:
Consider making a contribution to a SEP IRA or Solo 401(k). Not only is it a retirement win, but it could also significantly lower your taxable income.

5. Check Your Withholding (W-2 Earners)

Did you get a raise? Change jobs? Claim a different number of dependents? It might be time to tweak your W-4.

Why Now?
You still have two more quarters to smooth out your withholding and avoid a big tax bill (or refund) at filing time.

Pro Tip:
Use the IRS Withholding Estimator online to adjust in real time.

6. Clean Up Your Books (Business Owners & Side Hustlers)

Don't wait until December to clean up your financial records. A messy set of books means missed deductions and painful accounting bills later on.

To-Do This Week:

• Categorize all expenses

• Reconcile your bank and credit card statements

• Match income records to deposits

• Save all receipts digitally (and back them up!)

Need help? A bookkeeper can knock this out in no time—yes, even mid-year.

7. Harvest Capital Losses

If you've sold stocks or crypto this quarter and took a loss, you can use that to offset capital gains. This is called tax-loss harvesting—and it's not just for the ultra-wealthy.

Heads up:
You can only deduct up to $3,000 in net capital losses per year (the rest carries over).

8. Utilize Tax Credits Before They Expire

Some tax credits must be used before the year (or quarter) ends—especially for things like energy-efficient home upgrades, education costs, or child/dependent care expenses.

Quick Wins:

• Energy-efficient appliances (yes, even a new water heater!)

• Prepaying eligible childcare expenses

• Enrolling in fall college courses (education credit boost)

9. Talk to a Tax Professional (Not in April)

This is the #1 overlooked move.

Tax professionals aren't just here to plug in your numbers in April. Meeting with your CPA or advisor at the end of a quarter means they can help you plan, not just file.

Questions to Ask:

• Am I on track to meet my tax goals this year?

• Should I adjust anything before the quarter ends?

• What deductions or credits am I not taking advantage of?

Don't Wait. Act Now.

End-of-quarter tax planning isn't complicated—it just requires a little attention and a willingness to act before it's too late.

These are the kind of moves that separate tax filers from tax planners.
And trust us, planners are the ones who save the most.

Want Help Making These Moves?

At Wierenga.Tax, we specialize in smart, proactive planning—not just compliance. Whether you're a freelancer, a W-2 earner, or a business owner, we'll help you implement tax strategies that save you real dollars—not just in theory.

📅 Book your end-of-quarter review today and let's make the most of your money—before the IRS does.