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How’s Your Financial Portfolio?

Published by Debbie Parrott on 08 Sep 2017

When is the last time you reviewed you finances? This is a good time to review your finances to ensure you are on the right track. Here are some tips to get you started.

* Review your retirement plans. How much have you accumulated so far? How much do you need to retire comfortably at your desired retirement date? If you aren’t sure how to calculate your retirement needs you shouldmoney_bag_17288.png get professional advice to help you determine how much you should be saving and what the best investment vehicles are.

* Inventory your non-financial assets. Perform an inventory of all 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 or flood insurance. 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. actuals. Compare income and expenditures with your budget. Make adjustments as appropriate to your expenditures. Make sure you have invested your planned savings amount.

* Schedule 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.

* Review retirement 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.

At Summit CPA we offer multiple resources to assist you with your financial review. Contact our office at (260) 497-9761 to schedule a consultation for your financial future.

                                                            WE SPECIALIZE IN CASHFLOW MANAGEMENT