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
#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
#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
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.
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