July is approaching, which means summer is in full swing — and for most people, that means vacations, cookouts, and maybe a home project or two. But if you want to stay ahead financially, July also one of the best times of year to pause and check in on your money.
There’s still plenty of runway left in 2026. The decisions you make between now and Labor Day can make a real difference on your tax bill, your retirement savings, and your family’s financial security. Here are five things worth doing before September.
- Recalibrate Your Estimated Taxes
If you’re self-employed, a business owner, or you earn income that isn’t subject to payroll withholding — think freelance work, investment income, rental income, or bonuses — you’re likely required to pay taxes in quarterly installments rather than just once a year.
The second quarterly payment for 2026 was due June 15th. If you missed it, or if your income has shifted since you made your first payment in April, now is the time to course-correct.
Why does it matter? The IRS charges a penalty when you underpay — even if you pay everything you owe by Tax Day. That penalty is calculated based on how much you underpaid and for how long. Getting ahead of it now is a lot cheaper than scrambling in January.
If your income is higher than you expected this year, increase your Q3 payment (due September 15th) to make up the difference. If business has been slower than planned, you may be able to reduce it. Either way, don’t guess — run the numbers or work with your advisor or tax preparer to get an accurate estimate.
- Review Your Beneficiaries and Insurance Coverage
This one doesn’t get talked about enough, and it’s easy to let slide — especially during a busy season of life.
Your beneficiary designations tell the world who gets your retirement accounts, life insurance, and other assets when you die. The important thing to understand is that these designations override your will. It doesn’t matter what your estate documents say — whoever is listed on the account gets the money.
Life changes fast. People get married, divorced, have children, lose parents, or simply forget who they named years ago. A quick check now — across your 401(k), IRA, life insurance, and any annuity or pension you may have — takes about 30 minutes and could prevent a serious problem.
While you’re at it, take a look at your insurance coverage. Has anything changed? A new home, a new vehicle, a new child, or even a significant raise can all affect how much coverage you actually need. Summer is also when people think about umbrella policies — an affordable way to protect against liability that most working professionals are underinsured on.
- Take Stock of Your Investment Gains and Losses
The stock market has had a bumpy ride in 2026, which actually creates an opportunity worth paying attention to: tax-loss harvesting.
Here’s how it works in simple terms. If you have investments outside of a retirement account that have lost value, you can sell them to “lock in” that loss for tax purposes. Those losses can then offset gains you’ve realized elsewhere — potentially reducing what you owe the IRS. If your losses exceed your gains, you can use up to $3,000 of the excess to offset ordinary income, and carry the rest forward to future years.
The key is being strategic about it. You don’t want to sell something just to avoid taxes if you believe in the investment long-term. And you’ll want to avoid the “wash-sale rule,” which prevents you from buying back a substantially identical investment within 30 days of selling.
This is also a good time to look at whether your portfolio has drifted from its target allocation. Markets moving up or down can shift your mix of stocks, bonds, and other assets away from where you want it to be. Rebalancing mid-year gives you two bites at the apple — another opportunity to fine-tune before year-end.
- Project Your Retirement Contributions for the Year
If you have a 401(k) through an employer, an IRA, or a self-employed retirement plan like a Solo 401(k) or SEP-IRA, now is a good time to check whether you’re on track to hit your contribution targets.
The 2026 contribution limits are:
- 401(k): $23,500 (or $31,000 if you’re age 50 or older, and up to $34,750 if you’re between 60 and 63 under the new “super catch-up” rule)
- IRA (Traditional or Roth): $7,000 ($8,000 if you’re 50 or older)
If you’re contributing a flat dollar amount per paycheck, divide your year-to-date contributions by the number of paychecks so far, then project forward. Many people set their contribution rate at the start of the year and forget about it — only to realize in December that they left money on the table.
For business owners and self-employed individuals, this is especially important. Your retirement plan contributions are calculated based on your net income for the year. If you’re tracking ahead of last year, you may have room to set aside more — and save significantly on taxes at the same time.
- Have the College Savings Conversation (Even If College Is Years Away)
Whether you have a newborn or a high schooler, the summer is a natural time to revisit college savings — and 2026 actually brings some meaningful updates worth knowing about.
If you already use a 529 plan, one of the changes from last year’s tax legislation expanded the amount you can use for K-12 private or religious school tuition. The annual limit is now $20,000, up from $10,000. If you’ve been holding back contributions to a 529 because you weren’t sure how much you’d actually use for college versus private school, that flexibility has improved.
There’s also a brand new type of savings account for children — sometimes called a “Trump Account” — which functions a bit like a starter IRA. Contributions are limited to $5,000 per year, and the funds are invested in broad market index funds. At age 18, the account holder can access the money subject to the same rules that apply to traditional IRAs. The details on exactly how these accounts will work are still rolling out, but it’s worth watching.
And if you have a student heading to college in the next year or two, make sure your FAFSA is submitted before June 30th — that’s the federal deadline, though many schools have their own earlier cutoffs.
The Bottom Line
You don’t have to do all of this in one afternoon. But picking one or two items from this list and actually following through before September can make the last quarter of the year a lot less stressful — and a lot more financially rewarding.
If you’re not sure where to start, or if any of these areas feel more complicated in your specific situation, that’s what we’re here for. A mid-year financial check-in takes about an hour and can surface planning opportunities that are easy to miss when life gets busy.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge, a Registered Investment Advisor. Sound Foundation Wealth Advisors and Cambridge Investment Research, Inc. are not affiliated.
