This is one of our favorite times of the year. We are approaching spring, so the days are longer, air is warmer, and the final snow is melting away. This is also the time of year people begin spring cleaning and getting their house or other affairs in order. Since finances are on people’s minds since we are in tax season, we thought it would be a good time to do some spring cleaning for your finances as well. Below should be a helpful checklist to help with some spring cleaning:
Prepare and file your taxes (*note the new deadline of May 17th)
Review withholding if you owe or receive large refund. Use this IRS tool.
Discuss tax strategies for this year with your tax advisor or financial planner
Charitable gifting strategies
Strategies for business owners
Strategies for those with executive benefits
Develop and/or review your budget
Contact insurance providers to try and reduce rates
Contact internet, cable and cell phone providers to make sure you are getting the best rates
Review you credit reports from Experian, Equifax and Transunion. Click here to do it for free.
Dispute any wrong information
Review your credit score. This can be done with any credit card provider for free or use a site like CreditKarma.com.
Develop a plan to pay off your debt
Other Important Items
Review your financial plan if you have not done so in last couple of years and/or if any major life changes have occurred
Review your estate plan if not done in last five years due to recent changes in the law
Review your investment allocation
Rebalance your investments if not done in last twelve months
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