Most people do not think about taxes until the filing deadline starts getting closer. However, the middle of the year is one of the best times to review your finances, make adjustments, and avoid surprises when it is time to file your return.
Mid-year tax planning gives you time to correct withholding, organize important records, take advantage of available deductions, and make better financial decisions before December 31. Here are several strategies to consider during the second half of the year.
At Lake Stevens Tax Service, we’re committed to keeping you informed about significant tax legislation that impacts your financial planning. The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald Trump on July 4, 2025, represents a major overhaul of tax and spending policies as part of the 119th United States Congress’s budget reconciliation process. This sweeping legislation, often referred to as the “Big Beautiful Bill,” includes several tax provisions that could affect your 2025 tax filings and beyond. Below, we outline key aspects of the bill that are most relevant to our clients, focusing on practical implications for individuals, families, and small businesses in our community.
