Your Financial Mid-Year Checklist: What to Review Now to Avoid Year-End Stress

We’re halfway through 2025, and now is the perfect time for individuals and business owners in Greece, NY and Rochester, NY to take a step back and review where they stand financially. A mid-year checkup can prevent surprises, reduce stress at year-end, and help you take advantage of tax-saving opportunities while there’s still time to act.

At Nacca & Capizzi, we guide clients through proactive financial planning strategies year-round. Use this checklist to stay on track and set yourself up for a smooth second half of the year.

1. Review Your Income and Expenses Year-to-Date

Start with the basics: pull your income and expense reports. Whether you’re managing personal finances or running a business, understanding where your money is going is critical.

• Are you earning what you expected?
• Are your expenses aligned with your goals or budget?
• Are there areas where you can cut costs or increase savings?

Our bookkeeping services help ensure your records are up to date so you can make smart, informed decisions mid-year.

2. Check Your Tax Withholding or Estimated Payments

If your income has changed since the beginning of the year, now is the time to adjust your tax withholdings or estimated tax payments. Overpaying means less money in your pocket today; underpaying can lead to penalties and a big tax bill in April.

Our tax planning team can help you recalculate and submit the proper payments so you're not caught off guard later in the year.

3. Evaluate Retirement Contributions

Are you on track with contributions to your:

• 401(k) or 403(b)
• Traditional or Roth IRA
• SEP IRA or Solo 401(k) (for business owners)

Many of these accounts come with annual contribution limits — and spreading contributions throughout the year is often more manageable than rushing in December. Don’t wait to review your progress.

4. Review Business Performance (If Applicable)

If you’re a business owner in Greece or Rochester, this is the time to review your YTD revenue, expenses, profit margins, and cash flow.

Ask yourself:

• Am I on pace to hit my revenue goals?
• Are certain areas of my business over or underperforming?
• Is now the time to invest, hire, or cut back?

With our business strategy and consulting services, we help owners clarify their numbers and create action plans for the next six months.

5. Organize and Back Up Your Financial Records

Use mid-year as a reminder to:

• Scan and digitally store receipts
• Organize documents for tax deductions
• Back up your QuickBooks or accounting software

Our QuickBooks ProAdvisors are here to help you stay organized and ready for tax time — without scrambling at year-end.

6. Plan for Upcoming Life Changes

Are you getting married, starting a family, buying a home, retiring, or changing jobs?

Major life events can significantly impact your tax situation and financial goals. Visit our Life Events page to see how we support individuals through all of life’s financial transitions.

7. Revisit Your Financial Goals

Have your priorities shifted since January? Mid-year is a great time to:

• Adjust your savings plan
• Reallocate investments (with guidance)
• Update debt repayment strategies

Whether you're saving for a down payment, retirement, or college tuition, our team at Nacca & Capizzi can help you align your strategy with your life goals.

Schedule a Mid-Year Planning Session with Nacca & Capizzi

Checking in now can save you from scrambling in Q4. Whether you need to make a tax adjustment, optimize your bookkeeping, or reset your financial goals, our experienced CPAs are here to help.

Call us today at (585) 225-9290 or schedule a planning session online to make the most of the months ahead.

Disclaimer: This article is intended for general financial awareness and should not be considered professional advice. Please consult with the team at Nacca & Capizzi for guidance specific to your situation.