Other than paying the last estimated tax coupon on January 15, last year’s financial transactions are behind you. Many of us reflect on not only the past year, but also on goals and objectives to be met in the new year. We will refrain from calling them “New Year’s Resolutions” because we all know those don’t often stick beyond the end of January, so let’s just call them annual tasks that everyone should have on their to-do list.
- Seek Tax Services– It is always a good idea to get started with your income tax return as soon as you have all the documents in hand. Even if you don’t send in your tax return until it is due to keep your funds earning interest a bit longer, it is better to know earlier rather than later what you owe. You might find out you have a refund owed to you, and waiting just lets the government keep your money interest-free longer.
- File Your Taxes- Whether you file early or closer to tax day, be careful you don’t forget! Put it on your calendar, set a reminder in your cell phone, or whatever it takes.
- Reassess Retirement Plan- Some people check on their retirement plan more often, but as a bare minimum, you should look at it once a year to see how your investments are going and whether you need to tweak how much you are contributing or how your money is being invested.
- Check Credit Score and Report- It is easy these days to pay attention to your credit score when a majority of banks and credit cards are happy to provide it for you free of charge on their app or written right on your statement. However, you should pull up your credit report once a year to be sure there isn’t anything on there that is inaccurate or doesn’t belong to you.
- Get a Checkup- It might not seem like your physical wellbeing belongs on a list of financial annual tasks, but your health is important for keeping you on track to meet your financial goals. An illness can not only reduce your income, but also dig into your savings. A regular physical exam can help you prevent a health concern by resolving a problem before it can progress.
If you are looking for tax services and other financial advice for yourself or for your business, turn to us at Proctor & Assocs. We offer a variety of services geared to assisting you with meeting your financial objectives and handling your tax matters in a proficient and timely manner. Contact us today to schedule a consultation to further discuss your accounting needs.