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2009 TAX RESOLUTIONS

Now that April 15th has come and gone, let’s now turn our attention to April 15th, 2009. In a sense, April 15th is just like January 1st. Now is an ideal time to create tax resolutions for 2009. Below is a checklist to get you started:

#1: I will fund my retirement accounts to the maximum. These include 401k’s, 403b’s, IRA’s, etc. The benefit of increasing your contributions is that the money within these accounts is tax-deferred.

#2: If I am investing a lump-sum into my IRA, I will invest this money as early as possible. Studies have shown that by funding an IRA early in the year, you will probably have more money when you retire. The reason is that you have more time to compound your money.

#3: I will pay off my credit cards each and every month. If you need an outstanding method strategy to help you get your credit cards under control, follow the Debt Elimination Pyramid Strategy. The reason you do not want to roll your credit card balances from month to month is the interest paid on credit cards is not tax deductible. If you are a homeowner, consider refinancing and pay off your credit card balances.

#4: I will gift money to my kids to reduce the size of my estate. In addition, consider gifting stock to your children instead of cash. This will help them learn about the importance of investing.

#5: I will maintain better records of my expenses. This will help you to keep up with all of the events that affect you and you will not spend 3 months next April 10th attempting to recreate 2008.

#6: Include here any other topic you would like to include in your 2009 tax resolutions. 

Well, I hope that this web article has been informative. If nothing else, I hope you are now aware that you can achieve your financial dreams using simple and little know money strategies. For years you have been taught that only financial experts can guide you through the “Money Maze”. Now you know otherwise.

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Our personal finance article library was created to provide a solid foundation under your retirement dreams. The strategies in many of our article are some of the simplest, yet most powerful available.   

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