It's Time for Your Midyear Financial Checkup

NEW YORK (TheStreet) -- It's been roughly six months since we made our New Year's resolutions.

With July 1 on the horizon, that means it's time for a six-month checkup -- a list that covers your progress and yearlong financial objectives.

"The best advice is to start right now," says John Piershale, wealth adviser at Piershale Financial Group in Crystal Lake, Ill. "Half the year is up, so make year-end goals realistic and obtainable. When it comes to your retirement, save as much as you can in every possible source."

Once you break out your checklist, Piershale advises focusing on revenue-generating moves that are especially critical at the midpoint of the calendar: 

Also see: 5 Cliches That Will Keep You From Making Money

Examining your capital gains. If you are in the 15% income tax bracket or lower, take advantage of the zero percent capital gains rate on appreciated securities. Ask a financial adviser for help if need be, but focus on income projection for the rest of the year.

Studying Roth IRA conversions. There can be real advantages to a Roth IRA conversion, but know the pros and cons first, Piershale advises. Roth IRAs can grow tax free, which can aid in saving more cash over time. Additionally, withdrawals are not mandatory during your lifetime, and Roth IRA assets may pass to heirs tax free.

Harvesting investment losses. If you're in a higher tax bracket with realized capital gains, harvest losses can offset capital gains. "It is not necessary to wait until year-end to do this," Piershale says.

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