Today is the final work day of 2011. It’s been a crazy, fun, great year for all of us here at HC Consulting Group.
One thing that is often overlooked is year end planning, and by that I mean simply getting your ducks in a row for the upcoming year in order to make it the best and most profitable year possible.
Here are some things to think about and 8 questions you can ask yourself…
1. Are my business structures set up in a way as to help minimize liability and minimize my tax liability?
2. Can I set up an IRA for the new year OR can I contribute a little bit more to my IRA each month in the new year?
3. Am I tracking my finances well and do I have a budget that I work from? Check out Mint.com for a great piece of software…
4. Do I have a will? Do I need to update my will?
5. If I make my January mortgage payment in December, I can write off the interest on my 2011 taxes. Something to consider…
6. If I contribute to any charities before the clock strikes midnight on December 31st, I can take a deduction on my 2011 taxes.
7. Are there any last minute energy efficiency improvements I can make to my home that will qualify for this deduction?
8. Start organizing your files for 2011 taxes.
Here at HC Consulting Group we don’t really believe in new year’s resolutions… but we do believe in taking a good look at our affairs and finances (company as well as personal) at the end of each year so that we are best prepared to tackle each new year.
Happy new year and start 2012 off with a bang!
Tyler Horne
HC Consulting Group
[…] Make sure you are prepared for the end of the year! […]