I know I have mentioned a few times about how the start of the year could be a good time to make a financial resolution. When looking at a recent article from Accounting Today – one entitled 10 Planning Tips for Starting 2019 Right – I realized that I did not actually give any ideas on what those resolutions could include. So I will attempt to remedy that by highlighting a couple of the entries on that list.
The first that I want to mention is to review your 2018 spending while budgeting 2019. This seems obvious on one level, but it is something that can often be overlooked. If there are things that you want to accomplish in 2019, finding out how you can do it can best be accomplished with a year-long view at 2018. Weekly or monthly plans can be valuable, but a yearlong look helps you get a better idea for how things work over the long term and adds in some of the inevitable surprises that pop up over time.
Second, I’m going to blanket a few of the entries from the article with an overarching headline – Think About your Retirement. This is one of those things that a lot of people set up once and then never again think about. That, however, could result in you thinking about it too late. A little thought now on if you can/want/need to add more money into those plans can hold off a lot of future worry and anxiety.
Next, when it comes to those things that you can set up once and forget about, I bet you have a lot of them. And I bet there is AT LEAST one of them that has you paying for something you no longer use. So why not cancel it? These can cover many areas - software, games, entertainment, gym memberships, etc. - which are all great if you are using them and getting your money’s worth. If you are not receiving that, though, stop giving your money away.
Finally, the article also includes an entry for updating your W-4 form for withholding. And there
is some good news when it comes to that area.
Granted, this news is about a week old now, but I did want to at least mention it so that it didn’t appear I ignored it on purpose. Last week, the IRS announced that it was waiving a penalty for many who failed to withhold enough taxes during the 2018 tax year. I previously stated that I would be surprised if this happened, and well, color me surprised.
But just what color is surprise? Whatever it is, I hope it’s flattering.
So hey, count this as a wonderful bonus if you would have been subject to a fine if this special treatment was not being applied. But also let this serve as a reminder to look into it now so that you won’t face future penalties. And as always, we are happy to work together with you to make sure that it doesn’t happen or to help you with any other area where you are looking to improve.
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