As we start the new year 2020, think about a few things and plan accordingly.
First, how are your finances? I think majority of Americans can say they could use some work in this department. Start a list of things you want to see regarding your finances this year. Changes you would like to make. Save that money for the vacation you’ve been wanting to take for years. Whatever it might be, make a plan on how you are going to reach that goal and put it on the refrigerator so you can see it daily to remind yourself of the things you want and the goals on how to obtain those goals.
Second, tax planning. There are many things to think about when planning your taxes. For instance; what is your exemptions on the W-4 and does is meet your tax withholding so you don’t end up owing. Can you take advantage of pre-tax options of a 401(k), HSA, Simple IRA, etc. Are you paying enough in estimated tax payments for self-employed business owners? Would Incorporating your business reduce the personal liability taxes? Is your tax preparer competent enough or knowledgeable enough to help guide you accordingly? These are things our office can help you out with.
