Mid-year tax check-in 💰 + free tracker

Happy Memorial Day!

Can you believe we’re nearly halfway through the year??

You may be relaxing today – or you may have some extra free time. This is the perfect time for a little mid-year money check-in before your summer plans kick in. 💰

Here are 5 simple, powerful tax tips for you (these are ones I use myself):

(Be sure to check in with your accountant for your specific situation, of course.)

 

 

✨ 5 Mid-Year Tax Tips:

1️⃣ Spend before year end.

If you’re planning to invest in your business this year… making legitimate business expenses sooner rather than later could reduce your tax burden.

Before December 31, think about buying:
• New laptop or office setup
• Courses, certifications, or retreats
• Travel for upcoming events
• Legal protection like LLCs, S-Corps, Trademarks, Copyrights + more

I know it’s only the end of May – but plan ahead and make big expenses this calendar year.

💡 Pro tip: Yes!! My DIY Legal Documents count as legitimate business expenses too. 😉

2️⃣ Track EVERYTHING you purchase for biz (even the small stuff).

As my mother would say, “the little expenses add up”.

Subscriptions, software, mileage, meals, supplies… they’re easy to forget, but they’re legitimate business expenses that can reduce your taxable income.

💡 Pro tip: Don’t wait until December to record your expenses in a spreadsheet or expense tracking app. Future You will be very grateful.

3️⃣ Record income + expenses consistently.

Create a simple, consistent rhythm for tracking your money.

Whether it’s weekly or monthly, staying on top of your numbers = clarity, confidence, and less stress come tax time.

My friend Kate Northrup teaches about having “Money Dates”. Light a candle, play music, start with a nervous system drill, get cozy with your numbers, and make time with your money relaxing and fun. (Sounds a little wacky, I know, but it works.)

💡 Pro-tip: If you want my sample income + expense tracking sheets (that I use in my own biz), comment below and I’ll send them to you for FREE – my gift to you! 🎁

4️⃣ The Augusta Rule (my favorite most-overlooked tax tip!) 🏡

This one is SO good – and most people have never heard of it.

You can actually rent your home to your business for up to 2 weeks a year for:
• Team meetings.
• VIP days.
• Retreats.
…and your business can pay YOU for it.

Instead of holding your VIP Day at a hotel, you can hold it at your home.

Just be sure to:
✔️ Identify the date(s) and time(s) you’re going to hold your meeting/retreat/etc.
✔️ Get 3 comparable rental quotes for similar spaces at hotels or conference centers nearby.
✔️ Create an invoice from you → your business (and actually send it to your biz)
✔️ Pay it from your business account.
✔️ Have a clear business purpose + agenda for your Team meeting/VIP Day/Retreat to prove you actually were holding a business activity.

Using the Augusta Rule is such a smart (and totally legit) way to rent your home to your business in a tax-efficient way when done correctly.

💡 Pro tip: Work with your accountant to double-check you’ve set this up correctly.

5️⃣ Use the right financial management tools.

If you’re not into keeping spreadsheets, I highly recommend using a financial planning and organizing app. (I do this in addition to keeping spreadsheets.)

💸 Apps let you quickly scan to be sure there are no purchases which are fraudulent.

💸Apps let you categorize your purchases + run reports to see your spending habits.

💸Apps let you see ALL of your purchases in one place so you don’t have to log into your bank accounts, credit cards, etc.- it’s a big time-saver.

I’ve tried a bunch of money apps, and I like Origin the best.
Why? It helps me:
• Manage cash flow
• Track my net worth
• Prepare for taxes
• Plan for the future (even estate planning!)

Plus, it has an AI assistant to make things easier and faster – which I love. ❤️🔥

💡 Pro tip: Do your research and find an app that works best for you. If you like Origin, use my link here – and pay just $1 for your first year!

Remember, taxes don’t have to feel scary or overwhelming. Just plan ahead.

When you understand how money flows through your business, you step into a whole new level of confidence and empowerment.

(That’s why I associate tax prep with solar plexus chakra energy. ✨)

Here’s to making smart, aligned tax prep decisions this year!

If you want even more tax-saving ideas and a bigger list of legitimate business expenses, have a listen to Episode 40 of the Legally Enlightened Podcast where I interview tax expert Erin Armstrong. It includes a whole list of legitimate business expenses you can take too! Bonus!