April is over. Most business owners filed, paid their bill, and moved on. That’s the wrong move.
June through August is often the best window to actually change what you’ll owe next April. After September, your options narrow fast. Deductions get harder to manufacture. Income that’s already hit your account doesn’t disappear.
Here’s what’s worth doing right now.
1. Recalculate your estimated taxes
If your 2026 revenue is running higher than 2025, your Q1 and Q2 estimates may already be short. The Q3 payment is due September 15. That’s your next checkpoint — and if you’re underpaid, this is the moment to fix it before interest accrues.
The IRS charges 8% annualized interest on underpayments. It’s not catastrophic, but it’s a completely avoidable bill. If your revenue is up 20% this year, your tax bill is probably up by at least that. Recalculate based on what you’ve actually earned through June, not what you projected in January.
Use the Estimated Tax Calculator to run the numbers for your situation.
2. Pull the trigger on a purchase you were already planning
100% bonus depreciation is back — permanently, under legislation signed in 2025. That means equipment you buy and place in service before December 31 can be deducted in full this year, not spread over five or seven years.
If you were already planning to buy a vehicle, machinery, or office equipment in 2026, summer is a perfectly fine time to do it. You don’t need to wait until December to create a year-end deduction.
Two things that matter: the asset has to be new-to-you (new or used, but not previously owned by you), and it has to be in service — operational, not still in the box — before December 31. Section 179 has a $2.56 million cap this year, which is more than enough headroom for any small business.
3. Run the S-Corp math if you haven’t already
If you’re still operating as a sole proprietor or single-member LLC and your net profit is consistently above $60,000 to $80,000 a year, mid-year is a good time to look at the numbers.
An S-Corp election saves money by letting you split your income between a W-2 salary (subject to payroll taxes) and an owner distribution (not subject to self-employment tax). At $100,000 of net profit, the annual savings typically run $5,000 to $12,000 — and that repeats every year.
The full-year 2026 election window has passed for most existing entities. But if you formed a new entity this year, you may still be within the two-month window to elect S-Corp status retroactively. And if you missed 2026 entirely, the numbers still apply to 2027. Late relief is also available in some situations — see the post on missed S-Corp deadlines for how that works.
The LLC vs. S-Corp Calculator runs the comparison for your actual numbers in about two minutes.
4. Revisit your retirement contributions
If you have a SEP-IRA or Solo 401(k), you technically have until tax day next year to fund it. But contributing now does two things: your money gets invested earlier, and you’re less likely to have already spent it by April.
The 2026 SEP-IRA limit is $72,000 (or 25% of W-2 wages if you’re an S-Corp owner paying yourself a salary). The Solo 401(k) matches that overall cap but also allows up to $23,500 in employee deferrals before layering in employer contributions — which means you can hit the maximum at a lower profit level and shelter more of your income if your net is under $200,000.
If you’re trying to decide which account structure makes sense, SEP-IRA vs. Solo 401(k) walks through the math.
5. Check your Q3 New York PTET payment if you made the election
If you run a New York S-Corp or partnership and made the Pass-Through Entity Tax election for 2026, your Q3 estimated PTET payment is due September 15. Don’t miss it.
The PTET lets your entity pay New York state income tax at the entity level, which creates a federal deduction. That’s valuable because the $10,000 SALT cap on your personal return doesn’t apply to deductions taken at the business level. For NY business owners with income above $100,000, this is one of the better tax moves available right now.
If you haven’t made the election yet, you can’t go back for 2026 — but planning for 2027 starts now. See how the NY PTET strategy works for the full breakdown.
This post is for general informational purposes only and does not constitute tax, legal, or financial advice. Tax rules change and the applicability of any strategy depends on your specific facts and circumstances. Consult a qualified tax professional before making decisions based on this content. Geiger Tax & Accounting, Amityville, NY · (631) 532-5622 · info@geigertax.com.