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It's The Most Wonderful Time of the YearDec 18 '00 Write an essay on this topic.Christmas is coming and with it a myriad of financial items that you should consider putting on your "To Do" list. Somewhere before Eat Fruitcake but certainly after Wrap Gifts you should have a list of items to take you into a financially organized new year. I place this under "Withholdings" only because this is one of the first, and easiest, financial things you can do. I happen to be a member of the Don't Give The IRS An Interest-Free Loan group. We are the people who preach to you saying getting a tax refund is not the goal. That's right, while paying taxes is not the goal either, the point of filing each year is to hope you get as close to zero ($0.00) as possible. To ensure this you: 1) Adjust your withholdings. Figure one withholding per family member you can claim on your taxes and you'll be off to a good start. 2) While you have your payroll department's attention consider increasing your 401(k) contribution. 3) If you are blessed with a flex spending account you will surely want to sit down and make calculations regarding those deductions. Don't think you need one? Well, if you have regular co-pays for doctor visits, or other items you pay out of your checkbook that aren't covered by your health plan (eyeglasses, dental bills, birth control prescriptions, etc.) consider having these items come out pre-tax using your flex spending plan. 4) Another piece of advice I often give people is to work on their budget the week between Christmas and New Year's. Often you're on vacation or more relaxed---why not sit down with your check book ledger(s) from the past year and figure out exactly what you spend. Sure, it doesn't beat egg nog, but it is a great way to find some extra money. 5) Lastly, it's almost time....tax time (the second most wonderful time of the year). Get yourself a nice manila folder with "2000 Taxes" imprinted on it. Now when those tax forms start rolling in the mail you can place them all in a file immediately rather than hunting them down on April 1. Ah, yes, the most wonderful time of the year....CPA style. Happy Holidays!  |
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