After the hustle and bustle of the holiday season fades to a fond memory, it might be the ideal time to dust off some of those other items tucked into your memory— how about that long-overdue review of your financial house?   Spoiler alert – this applies to everyone and all businesses, regardless of age or point in lifecycle, so read on.

Most of us, if we’re truthful, will admit that we could do a better job of getting our financial life in better order.  In hopes of lightening the lift, here are a handful of questions you should be able to answer in the affirmative.  A negative response moves the item to your financial “to do” list.

Monthly “operations”, business or personal:
Do you use a budget?
Do you have any financial concerns that in your mind require immediate attention?

Taxes:
Are you current on all tax-related filings?
Do you review and understand your tax filings?
Have you discussed tax planning with your CPA to address the side range of recent regulatory changes?

Investments:
Are your investments well diversified?
Are you satisfied with your understanding of investment performance?

Insurance:
Have you reviewed policy coverage lately?
Do you carry an umbrella policy?
Do you have long-term disability coverage?
Will your current level of insurance cover the needs of your family or business in the event of death or disability?

Estate Planning:
Is your will current?
Do you have a living will, healthcare proxy and power of attorney in place?
Have you planned for educational expenses?  If so, do your education savings provide tax advantages?

Retirement:
Are you saving for retirement?
Are you maximizing retirement plan contributions? 
Do you know the rate of return necessary to maintain your life style?
Has your plan been reviewed recently?

In order to get the ball rolling, call your CPA today and address key items on your financial “to do” list before they become potential problems.

Gail McIntyre is a partner based out of our Syracuse, NY office.

This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.


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