Your Financial To-Do List

Your Financial To-Do List 

Things you should be thinking about every year. 

What are your financial, business or life priorities? Your goals? Specify them, then consider investing, saving or budgeting methods you could use to realize them.

Think about deductions. If you have made a great deal of money in a given year and have the option of postponing a portion of the taxable income until the following year – that may bring some tax savings.

Can you maximize your retirement plan contribution at the start of the year? If you can do it, and you want to do it, do it early – the sooner you make your contribution, the more interest those assets may earn.

Required Minimum Distributions? Retirees over age 70½ must take RMDs from traditional retirement plans. Make sure you are aware of the deadlines.

 Transaction? Did you (or will you) sell any real property this year? Start a business? Receive a bonus? Sell an investment held outside of a tax-deferred account? These moves may have an impact on your taxes.

 Charitable gifts? Remember, if you make charitable contributions this year, you may claim the deductions on your return.

Mortgage payments? Can you make a January mortgage payment in December, or make a lump sum payment on your balance? If you have a fixed-rate mortgage, a lump sum payment may reduce the loan amount and total interest paid.

 Life changes? Did you marry or divorce? You may want to change beneficiary designations and/or take look at your insurance coverage. If your last name is changing, you will need a new Social Security card. Are you returning from active duty? Check the status of your credit, and the state of any tax and legal proceedings that might have been preempted by your orders. Review the status of your health insurance, and revoke any power of attorney you may have granted to another person.

 Do not delay – get it done. Talk with a qualified financial or tax professional so you can focus on being financially healthy from year to year.





This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.