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Accounting Business Financial Planning Quickbooks Tax

Financial Tips for October 2012

Asset Allocation Adjustments
Review the asset allocation of your portfolio. Increases and decreases in the value of your portfolio can upset the asset allocation you consider optimal. Should you shift some stock investments into or out of bond investments? Should you shift some funds into tax-free investments?

Health Spending Checkup
If your employer has a flexible spending arrangement (FSA), determine the balance left in the plan. Your plan may allow you to carry over a year-end balance for use early in the following year.

If your plan doesn’t allow unspent money to be carried over, then you may want to incur discretionary medical, dental, or optical costs prior to year-end. If you do not participate in such a plan, find out if one is available at your company. Also, find out if you are eligible for a Health Savings Account.

 

Review Budget vs. Actuals
Compare September income and expenditures with your budget. Make adjustments as appropriate to your October expenditures. Make sure you have invested your planned savings amount for September.

Estimate Your 2012 Tax Liability
Total up your taxable income, capital gains, and deductions through this date. Estimate the amounts expected through year-end. Determine where you stand, and what steps, if any, you should take prior to year-end to minimize your tax liability. Please feel free to call our office if you need help figuring this out.

Accounting Asset Protection Business Estate Investments

Financial Tips for July 2012

Estate Plan Checkup
Give some thought to your estate plan. How do you want your assets to be distributed at your death? Federal estate tax may be a factor. Please call us for guidance on how to minimize estate taxes and probate costs, so that the maximum amount goes to your desired beneficiaries.

Examine Property Tax Bills
Examine your property tax bills and explore the possibility of challenging the valuation.

Budget vs. Actuals
Compare June income and expenditures with your budget. Make adjustments, as appropriate, to your July expenditures. Make sure you have invested your planned savings amount for June.

Investment Review
Review your investment performance for the first half of the year. Consider reallocating underperforming or low-yielding assets.

Accounting Business Tax

Financial Tips for February 2012

Review Your Savings Plan

Establish or review your savings plan to begin accumulating assets for your life goals. Professional guidance will be helpful in reviewing investment alternatives.

Review Your Retirement Plan

Establish or review your retirement plan. Explore the availability of deferred compensation programs through your employer, such as 401(k) and 403(b) plans. Begin contributing as soon as you are eligible.

Review January’s Budget vs. Actuals

Compare January income and expenditures with your budget. Make adjustments as appropriate to your February expenditures. Make sure you have invested your planned savings amount for January.

Collect Your Tax Information

Verify that you have received all necessary Forms W-2 and 1099 and a statement showing the year-end balance of IRA and Keogh plans. Contact the appropriate company for any that have not been received. For those that have been received, make certain that the amounts agree with your records.

Although taxes for personal returns are not due until April 17, it is best to get an early start since additional follow-up may be necessary.

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