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| Financial Tasks by Month |
- January
- Retirement
- Determine if a Roth IRA or a Traditional IRA will benefit you most for the year.
- Calculate and schedule IRA deposits for current year if you contribute based on calendar year.
- For 2007 $333.33 per month, $416.66 per month if 50 or older for maximum benefit.
- If you canÂ?t manage those amounts, schedule what you can afford.
- Paperwork control
- Go online or write to cancel catalogs you no longer wish to recieve.
- Taxes
- Finish recording all tax related transactions into Quicken or other accounting system.
- Gather tax receipts, schedule appointment for preparation or review, if needed.
- Before Jan 15: Prepare Estimated tax returns (Unless filing by Jan 31).
- Before Jan 31: Prepare W-2 for employees and distribute.
- Education
- FAFSA start and do all parts except tax return info.
- Other
- Decide which charities you will give to and schedule donations throughout the year.
- Order free credit report from Experian: www.annualcreditreport.com.
- February
- Retirement
- Paperwork Control
- Taxes
- From your accounting system produce reports or tabulate summaries of contributions, unreimbursible medical expenses or property losses.
- Business owners: From your accounting system produce reports or tabulate summaries of income and each expense category.
- Employers: File form W-3 w/ copy A of all W-2Â?s.
- Education
- If completing FAFSA, do tax return immediately and complete FAFSA.
- FAFSA deadline for California grants is March 2 see www.californiacashforcollege.com
- Recalculate contributions to education accounts.
- Other
- March
- Retirement
- Make final deposits to IRA for previous year.
- Calculate and schedule IRA deposits for current year if you contribute based on tax year.
- For 2007 $333.33 per month, $416.66 per month if 50 or older for maximum benefit.
- If you canÂ?t manage those amounts, schedule what you can afford.
- Paperwork Control
- Taxes
- Employers: File form W-3 w/ copy A of all W-2Â?s.
- March 1: Manual filing deadline
- March 1: Food & Bev est: File 8027 Tip Income report due
- March 1: Farmers & Fisherman: prepare 1040 due
- March 15: Form 1120 for Calendar year corporate (S&C) returns due
- March 15 : Large P/S. Sch K-1 Form 1065-B must be distributed
- March 31: Electronic filing deadline Employers form W-3 with copy A of all W-2Â?s
- Education
- Other
- April
- Retirement
- Paperwork Control
- Taxes
- After taxes are filed, purge from files items that are over 5 years old such as:
- Cancelled checks (except those that support permanent improvements to property or business assets)
- Receipts that do not support real estate, vehicles or household assets you still own
- Pay stubs (except first and last from each year, start and end stubs from job changes)
- Business invoices and reciepts
- By April 15:
- Make prior year IRA contributions
- Compute & PAY first quarter Estimated Taxes
- Partnership Form 1065 with K-1s. Extension form 8736
- Individual 1040 due. Extension form 4868. EXCEPTION: US citizen or resident alien living and working outside US or Puerto Rico. Due June 15
- Education
- Other
- May
- Retirement and Investments
- Review your investment, IRA & 401k (403b, 457 etc) portfolios
- For balance, diversification and changes in economy
- For changes in goals and personal situation
- Paperwork Control
- Purge tax files - keep tax returns but shred supporting documents over 5 years old UNLESS
- Return is still under exam
- Real estate and/or business equipment purchased in that year are still owned
- Taxes
- Education
- Other
- Re-balance mutual fund or portfolio asset allocations for retirement, educational accounts if appropriate
- Order free credit report from TransUnion at www.annualcreditreport.com
- June
- Retirement
- Paperwork Control
- Taxes
- Due June 15: Estimated tax payment for Individuals & Corporations
- Due June 15: Form 1040 for US citizen or resiednt alien living and working outside US or Puerto Rico
- Education
- Other
- July
- Retirement
- Paperwork Control
- Taxes
- Due July 15: Form 1065 Partnership return if on extension
- Education
- Clean-out previous year individual school binders
- Other
- August
- Retirement
- Paperwork Control
- Taxes
- Returns due August 15: Form 1040 if on automatic extension
- Education
- Other
- September
- Retirement
- Paperwork Control
- Taxes
- Due September 15: Estimated tax payment for Individuals & Corporations
- Due September 15: Form 1120 fo corporations on automatic extension
- Education
- Other
- October
- Retirement
- Review your beneficiary designations for retirement and other accounts
- Review tax withholding status on retirement distributions
- Paperwork Control
- Purge business files of non-tax items
- Purge tax files if you filed returns with extension
- Taxes
- Education
- Other
- October 15 is Â?National Cut-Up Your Credit Card DayÂ?
- November
- Retirement
- Paperwork Control
- Taxes
- Offer employees opportunity to adjust W-4 for the coming year
- Offer employees who qualify for EIC opportunity to receive advance payments on Form W-5 for next year
- Education
- Other
- Health Insurance & Employee Benefit Options: if your employer provides any of these, this is the month you will likely have the option to change. Obtain information, consider options and make decisions. Seek advice, if needed.
- December
- Retirement
- Post Retirement: Recompute or have recomputed, minimum distributions from IRAÂ?s and other pensions for the next year
- Paperwork Control
- Taxes
- Due Dec 15: Final Estimated Tax Payment, Individual & Corp
- If you are near a lower tax bracket consider moving cash donations or January mortgage payment to December to lower tax rate
- If you are near a lower tax bracket and have large capital gains, consider selling some capital assets at a loss to offset some gains
- Education
- Other
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