Your Tax-Time Financial Review
January 8, 2018
Now is the perfect time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for the wellbeing of your wallet?
The following suggestions will help you with your financial review:
Talk to your family.
You should factor in the financial decisions and goals of your spouse and children.
Put your financial goals in writing.
Figure out how much money you’ll need to meet each goal, when you’ll need it and how you’ll get it.
Create a net worth statement.
Create a list of your assets and debts, and compare it to last year’s statement. Are you gaining ground or losing it?
“We can help you create an effective 2018 tax strategy for your situation”
Review investment performance.
Weigh your investment performance minus the effects of inflation, and compare your progress with your goals. Determine what investments are worth it and what may need to change this year.
Protect what you have.
Consider the risks of your financial strategies. Your long-term goals may be unobtainable if you lose your present assets or your income potential.
Determine if you need the insurance you have — or if you’re missing something.
Don’t duplicate employer-provided coverage. Review your coverage annually; don’t just automatically renew policies.
Review your will and your estate plan.
Did your situation change during 2017? Make appropriate changes to your will and estate plan if it did. Stay informed about the 2018 tax reform changes that affect your plan.