Ending the Year Strong: How Newark Ohio Businesses Can Step Confidently Into the New Year

As a small business owner in Newark, Ohio, you're juggling a dozen things on any given day — managing clients, making payroll, handling operations — and before you know it, tax season creeps up again.

But here’s the truth: Waiting until January to think about taxes is a costly mistake. Mid-year tax planning gives you the opportunity to correct course, claim eligible deductions, and avoid year-end panic. At Solutions Bookkeeping Plus, we help business owners in Newark, Utica, Mount Vernon, and surrounding areas stay proactive — not reactive — when it comes to taxes.

Here are five mid-year tax planning tips to help you stay on track and potentially save thousands before the year ends.

1. Review Year-to-Date Financials — Not Just Bank Balances

If you’re only checking your bank account to gauge your business’s financial health, you’re missing key insights. Mid-year is the perfect time to sit down with a Newark Ohio accountant and review:

• Profit & Loss statements

• Cash flow reports

• Accounts receivable/payable

• Payroll expenses

Analyzing your books now helps you spot irregularities, plan for tax liability, and assess if your estimated quarterly tax payments are accurate.

📌 Tip: If your bookkeeping hasn’t been maintained properly, don’t panic. We offer QuickBooks Online clean-up services to get your data accurate and tax-ready.

2. Maximize Available Deductions and Credits

Many small business owners leave money on the table simply because they didn’t track or claim eligible deductions throughout the year. At the midpoint of the year, you still have time to:

• Categorize and track expenses correctly

• Start logging business mileage if you haven’t already

• Separate personal and business expenses more clearly

• Check eligibility for the Qualified Business Income Deduction (QBID) or other small business tax credits

✅ Need help identifying these deductions? That’s what a Newark Ohio tax specialist is for — we find the savings you don’t even know you’re missing.

3. Evaluate Payroll and Employee Classifications

If you’ve added employees or independent contractors this year, now is the time to double-check that your classifications are correct. Misclassifying workers can lead to penalties and back taxes.

Also, take a look at:

• Payroll tax compliance

• W-2 vs. 1099 status

• Eligibility for employer tax credits

• Employee benefit contributions

💡 Serving both Newark and Mount Vernon, we provide payroll services that ensure accuracy, compliance, and peace of mind.

4. Adjust Estimated Tax Payments

If your revenue has increased or decreased compared to last year, your estimated tax payments may need to be adjusted to avoid underpayment penalties or overpaying.

Use updated numbers from your mid-year financial review to:

• Project year-end income

• Estimate tax obligations

• Adjust future quarterly payments accordingly

🧾 Our team can handle all of this for you — including filing estimated payments on your behalf.

5. Schedule a Mid-Year Tax Strategy Session

Nothing beats having an expert in your corner. A mid-year session with a local accountant in Newark, Ohio can help you:

• Plan for large purchases or investments

• Strategize around retirement contributions

• Minimize taxable income legally and effectively

• Get peace of mind heading into the second half of the year

It’s not just about compliance — it’s about building a business that’s sustainable, profitable, and tax-smart.

Don’t Wait Until December — Act Now

If your books are behind, your payroll is messy, or you’re unsure what your tax picture looks like — you’re not alone. Most small business owners aren’t financial experts. But we are.

Let Solutions Bookkeeping Plus take the burden off your plate. We provide personalized bookkeeping, payroll, and tax planning services to businesses throughout Newark, Utica, and Mount Vernon, Ohio.