Mid-Year Tax Review: Questions to Ask Your CPA Before Q4

When Should I Schedule My Mid-Year Review?

September works well for most businesses. You’ll have enough of the year behind you to feed your projections, and it also sets you up for upcoming estimated payment deadlines.

1. Am I on Track to Meet My Financial Goals for the Year?

Your CPA can answer this by comparing your year-to-date numbers against the targets you set in January, then projecting where you’ll finish. If revenue is running ahead of plan, your tax bill is likely running ahead with it.

Start by revisiting the financial goals you set at the beginning of the year. Suppose your goal was to increase revenue, control expenses, achieve a specific profit margin, or another target. In any case, your CPA can help you figure out if you’re headed in the right direction (or if you need an adjustment).

On top of giving you a snapshot of your current financial situation, your CPA can offer insights on how to improve your strategy. For instance, are there areas where overspending crept up? Are some revenue streams performing better (or worse) than expected? Your mid-year review is your chance to course-correct before year-end.

2. Do I Need to Adjust My Estimated Tax Payments?

If your income has moved much from what you projected in January, then probably yes.

Underpaying or overpaying estimated taxes can cause complications (not to mention fines and penalties). Save yourself the headache by addressing quarterly tax payments before year-end. If your income projections have fluctuated or if regulatory changes, such as the OBBBA, affect your business’s taxes, your CPA might suggest adjusting your quarterly payments.

Doing this ahead of time can help you avoid penalties and keep your cash flow steady, which is something every growing business needs.

3. How Do the OBBBA Changes Affect My 2026 Taxes?

2026 is the first full tax year under the OBBBA, so this is the year the changes show up on your return.

Full expensing is back. Qualified equipment acquired and placed in service after January 19, 2025 can be deducted at 100% in the first year, and that treatment is permanent now rather than phasing out. The qualified business income deduction is permanent too, and it stayed at 20%. You may still run across information quoting 23%, but that number came from an earlier draft of the bill and didn’t survive into the law.

The one to watch is the excess business loss threshold, which went down for 2026 instead of up. If you’re heading toward a loss year, less of that loss is deductible now than would have been in 2025.

Ask your CPA which of these reach your entity type and revenue, since a $2M contractor and a $200K consultancy will get very different answers. Our breakdown of the bill goes through the provisions in more detail.

4. Are There Tax-Saving Opportunities I Should Act On Now?

Quite possibly, and Q3 is early enough that most of them are still available to you. Equipment purchase timing and retirement contributions both have deadlines that arrive before the end of the year, and some credits do too.

While the earlier the better, Q3 is still a great time to talk about tax strategies. Maybe you’re thinking about investing in equipment for your business, kicking a little more into retirement, or exploring potential credits. Your CPA can point out any quick wins that could help with your tax bill while you still have time to take action.

5. Do I Owe Taxes in Both Georgia and South Carolina?

Sending crews across the Savannah River, taking on North Augusta or Aiken clients, or setting up regular deliveries into South Carolina can all create what’s called economic nexus.

The threshold is lower than people assume, and it’s based on what your business does rather than where your office sits. A single employee working regularly across the river can be enough.

This is a good one to raise before you sign a contract rather than after. Retroactive assessments come with penalties and interest attached, and the South Carolina Department of Revenue can look back several years.

6. Are There Any Financial Risks or Opportunities I’m Overlooking?

Almost certainly, which is why is helps to have someone outside the business look at your numbers. Your CPA sees patterns across dozens of companies and can spot things that are hard to notice from the inside.

Sometimes your finances need a fresh set of eyes. Your CPA can flag potential pitfalls you might not have noticed.

Maybe there’s a shift in your industry, a new law on the books, or some wiggle room in your strategy that could make your finances more effective. It’s one of your final chances to find simple ways to minimize risk and take advantage of new opportunities before the year wraps up.

7. What Steps Should I Take Now to Prepare for Year-End?

Ask your CPA for a checklist built around your business, then start working through it in September rather than December. Reconciling accounts and gathering documentation take longer than you’d think, and so does getting your fixed asset listing current.

The final quarter tends to fly by, so prepare now to avoid a year-end scramble. Your CPA can provide a checklist tailored to your business, so you don’t forget important steps like reconciling accounts or gathering documentation for tax filings.

How Should I Prepare for the Meeting With My CPA?

Send your year-to-date financials over a few days ahead of time, along with a short note about anything that’s changed this year.

What to bring along:

Your year-to-date profit and loss and balance sheet
Any major purchases or financing from the past several months
Changes in headcount or where you’re doing business
Your best estimate at Q4 revenue
Anything that’s changed personally, since owner income and business income tend to move together

It also helps to be candid about what’s coming. If you’re thinking about bringing on a partner or selling in the next couple of years, mention it now. Those conversations need runway.

Why Choose SME CPAs for Your Mid-Year Review?

Your mid-year review is a great way to keep your business agile and ready for whatever’s next. At SME CPAs, our tax experts get that each business runs a little differently. We’ll help you break down your strategy and spot opportunities you might have missed, so you can focus on your goals.

We also know this market. If your business touches both sides of the river, we’ll look at the Georgia and South Carolina picture together instead of treating them as an afterthought.

If you need a hand working through regulations or just want to make sure you’re on the right track, SME is here to guide you and answer your questions.

Ready for Your Mid-Year Review?

Let’s make sure you’re set for a strong finish. Reach out to SME CPAs and set up your mid-year review today. We’ll help you find new possibilities and give you peace of mind as you head into the last stretch of the year.

Frequently Asked Questions

What is a mid-year tax review?

It’s a working session with your CPA, usually held in the third quarter, that projects your full-year tax position and identifies the moves you can still make before December 31. Most reviews start with your year-to-date numbers and your estimated payments, then move to anything you’re considering buying or changing before year-end.

What’s the difference between tax preparation and tax planning?

Preparation is compliance work that reports on a tax year that’s already closed. Planning is forward-looking work you do while there’s still time to change the outcome, which is why it belongs in the middle of the year rather than the following spring.

Is it too late to do tax planning in Q3?

Not at all. Q3 is late for a handful of moves and fine for most. Retirement plan setup, equipment timing, entity elections, and estimated payment adjustments are all still on the table through August and September, though a good portion of that list closes by December.

How often should I meet with my CPA?

Most growing businesses do well with quarterly check-ins. At a minimum, plan on twice a year, once mid-year for planning and once at filing. Businesses with multi-state activity or significant capital purchases usually need more contact than that.

Do I need a mid-year review if my business is small?

Smaller businesses often get more out of it, because a single decision moves a larger share of the overall picture. A $40,000 equipment purchase barely registers for a $10M company but can reshape the year for a $500K one.

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