Many people only think about taxes at the end of the year or when it's time for their IRS (personal income tax return), when there's little left to do. Mid-year there is still time to make decisions that reduce the tax burden. This checklist helps companies and freelancers to assess their current situation.
Review year-to-date results
Compare the turnover and expenses for the first half of the year with what was predicted. Knowing whether the year is going better or worse than the previous one allows for the adjustment of advance payments and anticipation of tax due.
Confirm advance payments
July is the month for advance payments of IRS (personal income tax) and IRC (corporate income tax). Check if there is room to reduce them, should you anticipate a lower profit than last year, avoiding unnecessary advance tax payments.
Organise documentation
Don't leave expense organisation until year-end. Validating invoices, classifying expenses, and archiving documents throughout the year helps avoid missing deductions and costs.
Plan investments and tax incentives
If you are considering investments, check if there are applicable tax incentives and what the best time is to implement them. Some decisions have a different impact depending on the year in which they occur.
Review partner remuneration
For companies, mid-year is a good time to review the combination of salary and dividends and adjust before the financial year ends.
Anticipate next year's IRS
Confirm that your withholding taxes are appropriate for your situation. Adjusting in time prevents an unexpected payment or an excessive refund on the next IRS.
Schedule a meeting with your accountant
Tax planning is more effective when done in advance and with professional guidance. Mid-year decisions can still make a difference to the final outcome.
At Grupo Your, we assess your activity's tax situation mid-year and identify optimisation opportunities. Contact us to close 2026 in the most efficient way.
