Review Your Retirement Plans
How much have you accumulated so far? How much do you need to retire comfortably at the desired date? Professional advice may be helpful in determining how much you should be saving and what the best investment vehicles are.
Inventory Your Non-Financial Assests
Perform an inventory of your non-financial assets (e.g., home, furniture, cars, and personal belongings). Compare this inventory to your property insurance coverage. Is your insurance adequate for your assets? You may need a rider to your policy for certain items such as jewelry. If some assets are no longer in use, consider selling them or donating them to charity. You may be entitled to a deduction based upon the fair market value of the assets.
Review Budget vs Actual
Compare current income and expenditures with your budget. Make adjustments as appropriate to your current expenditures. Make sure you have invested your planned savings amount for the current year to date.
Scheduled Estimated Tax Payments
Add the estimated tax payments for the year to your calendar so you don't overlook them later. You might want to attach the payment vouchers to your calendar with a paperclip. Please note on your calender the following due dates: 1st estimate due April 15th, 2nd estimate due June 15th, 3rd estimate due September 15th and 4th estimate due January 15th.
Review Retireent Contributions
Review planned contributions for IRAs, SIMPLE Plans, SEPs and Keoghs for the preceding tax year. Professional advice should be sought to help you determine the maximum amounts deductible, and whether postponing return filing for the preceding year will help determine the amount and timing of the contribution.