Financial planning worksheet9/13/2023 Next, roll over 401(k)s from old jobs and IRAs at different firms into one account at a low-cost brokerage or mutual fund company-it's easier to keep track of this way, and you'll save on maintenance fees. That's how long the IRS has to challenge your reported income. If you're self-employed or have income from multiple sources, hold on to your documents for six years. Anything from before 2007 should get shredded. You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years. Make time to toss any outdated paperwork. If you're entitled to a refund, you will receive it that much sooner.Ħ money matters to stop worrying about right now If you're surprised by a tax bill, you have time to figure out a payment strategy. You've still got two months, but handling this task early has major benefits. You should have received all documents necessary-your W-2, 1098 (if you have a mortgage), and 1099s-to complete your taxes. How to build an emergency savings fundĪre you turning down money from your boss? Timely Tip: If you or your child will be attending college this fall, submit your Free Application for Federal Student Aid (FAFSA) form ASAP, using estimates of your 2010 taxes. Then make funding your individual retirement account (IRA) automatic as well by linking it to your checking account. Already enrolled? Make sure you're contributing enough to qualify for the maximum company match, and if you're not, boost your contribution rate by one percentage point each year until you're eligible for the maximum match. If your employer matches employee contributions to a 401(k), sign up now. Search online for the highest-yielding bank or credit union savings account after you've opened one, set up monthly deposits from your checking account. Building security requires a commitment to saving, and the easiest way to save is with an automatic transfer. No one's ever achieved financial fitness with a January resolution that's abandoned by February. Here's my plan of attack for the year to come: (Do your taxes two months early? You're just trying to stay on top of today.) But I promise that if you set aside time each month to give your money some attention, when next year rolls around you'll be in fabulous financial shape. Thoughtful financial planning can easily take a backseat to daily life. If you make time each month to give your money some attention, you'll start the next year in fabulous financial shape.
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