Summer is when most of us have vacations, weddings, and family milestones on our minds, not taxes. Still, though, the choices you make in these months often have a direct effect on next spring's return. As autumn approaches, it's worth looking at a few common summer events that can influence your tax situation and planning ahead before the year closes.

Milestones or life-altering moments have a way of impacting everything, even things you might not expect. A wedding, a divorce, or retirement can reshape your day-to-day life in ways that may feel joyful, difficult, or bittersweet. Along with the emotional impact, there's a practical reality to consider: each and every one of these milestones can change the way you file your taxes. Knowing what to expect and planning ahead helps you avoid costly mistakes and gives you space to focus on the transition itself.

For high-income earners, taxes involve more than filing on time and claiming common deductions. With wages, equity compensation, investment income, and business ownership in the mix, all your financial planning choices come with higher stakes. The passage of OBBBA on July 4, 2025, added another layer, changing deductions and benefits that affect both individuals and businesses. Strategic tax planning allows you to manage these moving parts with confidence and avoid surprises when tax season arrives.

For many people, tax season ends the moment the return is filed. But the smartest approach is to treat that filing as a weather report from last year. A tax projection, on the other hand, is the financial weather forecast for the year ahead. It uses what we know now to predict the conditions to come, giving you time to put on sunscreen or find an umbrella before you get caught in a storm.