Q2 Financial Checklist: Are You Still on Track?
We're halfway through the year. It’s a smart time to review your financial plan and make course corrections. Markets shift, goals evolve, and tax law is set to change dramatically in 2026. Staying proactive now helps you avoid mistakes later.
Here’s a detailed checklist to keep your plan on track:
1. Income & Spending
Compare income year-to-date vs. projections. If you’re ahead or behind, it may affect your tax plan and savings goals.
Track your expenses. Use this time to cut or reallocate unnecessary recurring expenses—subscriptions, inflated insurance premiums, or overspending in certain categories.
Adjust savings targets. If income has increased, your savings should too. If income has dropped, reset expectations.
2. Tax Strategy Check-In
Withholding review. Compare total federal and state taxes paid so far to your 2025 tax projection. Catch underpayment early.
Estimated payments. Self-employed, business owners, or those with stock comp or rental income should check if Q2 estimates are needed.
Harvest tax losses or gains. If you’ve sold investments or plan to, check how capital gains or losses may affect your 2025 return.
Related: Will Your Taxes Increase in 2026? Here's What You Need to Know
3. Investments & Allocations
Rebalance your portfolio. Big market moves may have pushed your allocations off target. Rebalancing helps control risk.
Add to investment accounts. Maximize 401(k), Roth IRA, HSA, or brokerage contributions while there’s time. Avoid end-of-year cash crunches.
Check your asset location. Are tax-efficient investments (like muni bonds or ETFs) in taxable accounts? Are income-generating assets in tax-deferred accounts?
Related: Guide to the 3 Tax Funnels: Where Should Your Next Investment Go?
4. Insurance & Risk
Update beneficiaries. A common blind spot. Check retirement accounts, insurance, and transfer-on-death designations.
Review coverage. If your income, net worth, or family situation has changed, your life/disability/umbrella coverage might need a reset.
Property coverage. Confirm replacement costs are up to date, especially with inflation and real estate changes.
5. Retirement & Long-Term Planning
Track contributions. Max out 401(k), Roth IRA, or HSA while you can. Mid-year is a good time to increase auto-deposits.
Explore Roth conversions. With lower tax brackets sunsetting at the end of 2025, 2024 and 2025 are key years for this move.
Update estate documents. Many clients have wills and powers of attorney that are outdated or missing. Don’t put this off.
Bottom Line
The second half of 2025 will go fast. Before year-end distractions hit, let’s review your plan and adjust as needed.
P.S. If you're a business owner, now’s the time to look at QBI, bonus depreciation, retirement plans, and entity structure before the TCJA sunsets.
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About the author: Finn Price, CPFA, CEPA, is a business owner and wealth manager at Railroad Investment Group. He helps successful entrepreneurs & individuals with concentrated stock positions in their 30s, 40s and 50s build, organize, protect and transfer their wealth.
Note: this article is general guidance and education, not advice. Consult your money person or your attorney for financial, tax, and legal advice specific to your situation.
Securities and advisory services offered through LPL Financial, a registered investment Advisor, Member FINRA/SIPC.
