Autumn Budget Reset

How Families and Businesses Can Refresh Their Finances This Season

As the air turns crisp and the leaves begin to change, fall is the perfect time to pause and take stock of your financial picture and plan for an autumn budget reset. For both families and business owners, autumn offers a natural checkpoint before the busy holiday season and year-end deadlines arrive. At Anderson, Adkins & Crawford, we encourage our clients to use this season as an opportunity to refresh their budgets, review tax strategies, and prepare for a smoother close to 2025.

For Families: Tidy Up Your Household Finances

1. Review Withholding and Estimated Taxes
If your income has changed this year—whether through a job change, side income, or unexpected windfall—it’s a good idea to double-check your withholding. Adjusting now can help prevent surprises at tax time.

2. Take Advantage of Tax-Saving Opportunities
Consider whether you’ve maximized benefits such as:

• Contributions to tax-advantaged accounts (like HSAs or FSAs)
• Dependent care expenses if you’ve set up a qualified plan
• Charitable donations, which may lower your taxable income

3. Organize Your Records Before the Rush
Autumn is a smart time to gather receipts, mileage logs, and documents related to deductible expenses. Having everything ready will reduce stress when filing season arrives.

For Businesses: Prepare for a Strong Year-End

1. Reconcile Accounts and Clean Up the Books
Quarter 3 is ending—make sure your business records are accurate and up to date. Reconciling accounts now ensures a clear financial picture for decision-making in Q4.

2. Evaluate Tax Deductions and Credits
Common fall opportunities include:

• Reviewing business expenses for deductible items
• Checking eligibility for credits like the Work Opportunity Tax Credit
• Planning ahead for Section 179 depreciation if new equipment purchases are on the horizon

3. Plan for Upcoming Deadlines
Fall is the season to get ahead of deadlines for payroll filings, estimated taxes, and year-end reporting. Early preparation means fewer headaches in January.

One Year After Hurricane Helene: Financial Lessons and Tax Relief Reminders

This fall also marks the one-year anniversary of Hurricane Helene, a storm that left a lasting impact on many families and businesses in our region. Beyond the personal and community recovery, the financial lessons are important to remember:

• Disaster-Related Deductions: Tax law allows certain casualty losses to be deducted in federally declared disaster areas. Even a year later, it’s worth reviewing whether you qualified for relief but haven’t yet claimed it.
• Recordkeeping Matters: Natural disasters highlight the importance of keeping digital and off-site copies of financial and tax records. This fall, take time to ensure your documents are backed up and secure.
• Emergency Preparedness and Cash Flow: We can help you evaluate cash flow management and expense tracking to prepare your household or business for unexpected events.

At Anderson, Adkins & Crawford, we recognize the resilience our community has shown since Helene. As you move forward this fall, let us help you strengthen your financial foundation with proactive tax planning and compliance support.

Keeping an Eye on Legislative Changes

In addition to year-end planning and the lessons of Hurricane Helene, this fall is also a good time to be aware of new tax legislation. The recently passed Big Beautiful Bill includes changes that may affect both individual taxpayers and businesses—especially around deductions, credits, and compliance requirements.

If you haven’t yet reviewed our breakdown of the bill, read our full update here. We’ll continue to monitor how these provisions impact our clients and will provide guidance as implementation details unfold.

Why Now for an Autumn Budget Reset

Autumn symbolizes transition and preparation, making it an ideal time to align your financial habits with your tax goals. By tackling adjustments now, you set yourself up for confidence and clarity when year-end arrives.

At Anderson, Adkins & Crawford, we’re here to help you make the most of this season—whether that means reviewing your tax strategy, preparing business filings, or guiding you through deductions that fit your situation.

Contact us at info@augustacpas.com or 706-288-2000 to schedule a consultation today.