Each year we’re given 365 days, sometimes 366 days, to navigate life in the best way possible. Throughout the year, we find ourselves at the doctor’s office getting a necessary check-up, the dentist’s office for semi-annual cleaning, and the mandatory oil changes for our car after we put a few thousand miles on it.
But what about our finances? Shouldn’t we take a moment to review our finances and make sure everything is okay? Definitely! Here are 5 tips on ways to complete your “Tax Financial Check-Up” before the end of the year.
Check All Subscriptions
Begin your financial check-up by evaluating all of the subscriptions (magazines, newspapers, music apps, etc.) that you may have. This can easily be done by reviewing your monthly credit card bills and bank statements.
Once you’ve reviewed your various subscriptions, determine which one(s) you would like to keep and eliminate those that you don’t need or rarely use. Unsubscribe to anything that will drain your wallet unnecessarily.
Monitor Your Bills More Closely
Do an assessment of your monthly bills and reconsider what is truly needed, what can be eliminated, and what can be negotiated. Bills such as cable and internet can be lowered by simply reaching out to them and inquiring about ways to lower your bill.
At the end of the day, a company needs its clients and users to survive and will meet the needs of their customers, if possible, to avoid losing them. Research the rates of the company’s competitors and negotiate your monthly rate accordingly.
Also, research the latest rates and best prices for auto, homeowner’s or renter’s insurance mid-year to see if there is a better rate that you could use for coverage.
Adjust Your Savings Rate
Take time to revisit your retirement and general savings funds and see if you should raise your contributions by at least 1% for both accounts.
Adjust Your Tax Withholdings
Depending on how long you’ve been employed with a company, your Form W-4 may need to reviewed and updated. Major life events such as the birth of a baby, getting married, or even the loss of a spouse can affect your withholdings. Reviewing your previous tax return may be beneficial as well.
Set Financial Goals
Getting an early start to setting financial goals for yourself and your business is always a great thing to do. We recommend that you set short, medium, and long-term financial goals and follow up on them throughout the year. By doing this, you can ensure that your business will stay on track to save money and make the necessary profit needed to succeed.
We’re Here To Help
Taxes can be confusing, but the US-based, dedicated TaxBandits support team is here to make sure that they’re not. Please don’t hesitate to contact us with any questions that you may have. We’re available over the phone Monday – Friday from 9 AM to 6 PM EST at 704.684.4751. We also offer live chat and you can take advantage of our 24/7 email support at support@TaxBandits.com.