We’re halfway through the year (can you believe it?!), and while tax season might feel like a distant memory, now is actually one of the best times to proactively lower your tax bill.

If you’re an attorney or a fast food franchise owner, chances are you’re juggling client work, managing staff, and trying to hit your revenue goals. But don’t overlook the power of mid-year tax planning strategies—they could mean the difference between a surprise bill next spring and some serious savings.

The good news? You don’t have to wait until December to make moves that matter.

Let’s break down what you can still do in Q2 to boost your tax savings, strengthen your finances, and set your business up for success for the rest of the year.

 

Why Mid-Year Planning is So Powerful

 

Mid-year is like a halftime break in your business finances. You’ve got six months of data to work with—and six more months to make improvements.

Too many business owners only think about taxes in March or April. But by then, the year is over, and your options are limited. Right now? You’ve still got time. Time to adjust, optimize, and stay ahead.

For attorneys and franchise owners, this could mean:

  • Lowering taxable income with strategic purchases 
  • Catching issues before they become problems 
  • Ensuring quarterly taxes are accurate 
  • Creating a plan for year-end contributions or credits 

 

1. ✅ Review Your Year-to-Date Financials

 

First things first: you need to know where you stand.

Pull up your Profit & Loss statement and balance sheet from January to now. Look at:

  • Revenue and gross profit 
  • Major expense categories 
  • Net income so far 
  • Estimated tax payments made 

This gives you a baseline. Are you ahead of where you thought you’d be? Behind? Right on target?

This isn’t about judgment—it’s about awareness. From here, you can build a smarter tax-saving plan.

Pro Tip: If you haven’t been reviewing your numbers monthly, now is a great time to start. You can’t save on taxes if you don’t know what your numbers say.

 

2. 💼 Reevaluate Your Entity Structure

 

This one is especially important for attorneys and multi-unit franchisees.

The way your business is set up—whether as a sole proprietorship, partnership, S Corp, or LLC—has a direct impact on how you’re taxed.

If your income has significantly increased this year, it might make sense to:

  • Switch from sole prop to S Corp to reduce self-employment taxes 
  • Create a holding company for multi-location franchises 
  • Revisit salary vs. distribution strategy for S Corp owners 

Don’t guess on this—talk to a tax professional (that’s us!) and we’ll help you analyze the pros and cons based on your current financials.

 

3. 💰 Make Retirement Contributions

 

One of the best legal tax shelters for small business owners is retirement planning.

And yes—you can start now in Q2.

Some great options include:

  • SEP IRA – Great for solo attorneys or owner-only franchises 
  • Solo 401(k) – Allows higher contributions for self-employed 
  • Simple IRA or Traditional 401(k) – Great for teams with employees 

Contributions reduce taxable income and build future wealth—win-win.

✅ Bonus: If you’re married and your spouse works in the business, you might be able to double your contribution limits.

 

4. 📦 Strategically Invest in Equipment or Tools

 

Have you been putting off that office renovation, POS upgrade, or new case management software?

Under Section 179, many business purchases can be deducted in the year they’re made, which means if you need it and it will grow your business—consider doing it before Q3.

Think:

  • Computers and monitors 
  • Software or subscriptions 
  • Kitchen equipment (for franchisees) 
  • Office furniture or signage 

Just be careful not to spend money just to spend it. Only invest in things that will add value and serve your business long-term.

 

5. 📅 Catch Up on Estimated Taxes

 

If Q1 and Q2 were bigger than expected (go you!), your estimated taxes might need a second look.

Many franchisees and attorneys underpay quarterly taxes in the first half of the year and scramble to catch up later. That’s risky—and can lead to penalties.

Use this time to:

  • Recalculate your quarterly tax estimates 
  • Compare to actual earnings 
  • Adjust before your next payment due in June (or September) 

Need help running the numbers? We’re just a click away.

 

6. ✨ Track Tax Credits You May Qualify For

 

There are a lot of tax credits available—but they’re often overlooked unless you plan for them early.

For example:

  • Work Opportunity Tax Credit (WOTC) – If you hire summer or seasonal employees 
  • R&D Tax Credit – If you’re improving processes, even for legal or operations tech 
  • Energy Efficiency Credits – If you upgrade HVAC, lighting, or appliances in your restaurant 

The key is to document early so you’re not scrambling to qualify when it’s time to file.

 

Q2 Is Your Tax-Saving Sweet Spot

 

Tax planning doesn’t have to be overwhelming or complicated.

By taking a few intentional steps in Q2, you can lower your taxable income, stay compliant, and avoid the last-minute stress that so many business owners feel come tax season.

Whether you’re trying to clean up your books, maximize deductions, or just want to feel in control of your finances—now is the time to act.

 

✅ Let’s Maximize Your Mid-Year Tax Strategy

 

We specialize in helping attorneys and fast food franchise owners like you stay organized, reduce taxes, and grow profitably.

If you’re ready to make smart tax moves this quarter, we’re here to help.

📲 Contact us today for a free mid-year financial check-in.
 We’ll walk through your numbers, answer your questions, and help you build a plan you can actually stick to.