The deadline for the second quarterly estimated tax payment is June 15th. If you are over age 73, we have most likely worked with your tax advisor and you to send part of your RMD directly to the US Treasury & State Comptroller instead of you making these payments. If you are under age 73, we advise you (if self-filing) or your tax advisor to set up auto debits to pay these estimates directly from your checking account. We will send the funds needed directly to your checking account.
If you’re self-employed or receive substantial income outside of standard employment, it’s crucial to ensure your estimated payments are accurate. We recommend calculating your income and deductions year-to-date to ensure your payment reflects your current tax liability. Tools like IRS Form 1040-ES can help you estimate your payment. If you’re unsure whether you’ve made your April payment, feel free to check in with the 1 North team.
Trump’s new tax proposal, the “One Big Beautiful Bill Act,” passed the House on May 22 by a narrow 215–214 vote and is now under consideration in the Senate. The bill includes provisions to extend the 2017 tax cuts, eliminate federal taxes on tips and overtime pay, raise the SALT deduction cap from $10,000 to $40,000, and scale back clean-energy tax credits. While the Senate began reviewing the bill on June 2, the final vote date has not been set.
Republicans may attempt to pass it before the summer break at the end of this month, using the budget reconciliation process, but the expectation is that it will pass in some form by late September. At present, there are significant internal disagreements over spending cuts and the national debt. As always, our team is closely monitoring the legislative process and evaluating how any changes to the tax code could affect your financial plan. We’ll provide timely updates and adjust strategies as needed to keep you informed and well-positioned.
With hurricane season officially underway, now is a good time to reassess your risk exposure—especially if you own property in coastal or storm-prone areas. First, review your homeowner’s insurance policy to confirm coverage for wind and water damage, and consider supplemental flood insurance, which is often not included in standard policies. Second, take inventory of valuable assets and keep documentation stored digitally in a secure location. Third, ensure you have an adequate emergency fund to cover short-term disruptions. For those with second homes or rental properties, it may also be wise to review liability protections and revisit your estate plan. The 1 North team is always here to answer any questions you may have.
If your child is heading off to college this fall, a few quick steps can go a long way. Coordinate any 529 plan withdrawals to match the timing of tuition payments—expenses must be paid in the same calendar year the funds are withdrawn. If you’re using multiple funding sources, be sure to confirm payment deadlines and options with the school to avoid late fees.
Consider setting up a monthly spending allowance via a linked bank account or budgeting app—it’s a great way to teach money habits while keeping communication open. Talk through “hidden” expenses like rideshares, subscriptions, or weekend travel so expectations are clear. And don’t forget to schedule a “money talk” before move-in day to cover basics like credit cards, emergency contacts, and checking emails for school billing notices. We’re here if you need help with 529 planning or payment logistics—just let us know!
Whether you’re heading out of town for work or vacation, it’s smart to tighten up your digital security before you go. Start by enabling two-factor authentication on key accounts, especially email, banking, and investment platforms. Avoid using public Wi-Fi for any sensitive activity. If you must connect, use a VPN to encrypt your data.
Turn off Bluetooth and auto-connect features on your phone when not in use to prevent unwanted access. Consider using a credit card instead of a debit card while away, as it typically offers better fraud protection. And if you’re logging in from a shared or public device (like a hotel business center), be sure to log out completely and clear your browser history.
A little preparation can go a long way—we recommend reviewing your account access and password security before any major trip. If you need help with digital hygiene or account protection, feel free to reach out. Be well and have a wonderful week!
The Team at 1 North Wealth