2010, we hardly knew ye… It’s already 2011, as crazy as that seems.
At the end of last year, I asked my readers to share their tax and financial resolutions for the new year. Here’s what they had to say:
- My resolution is to not pay one single late fee, overdraw fee, ATM fee, etc., etc. NO FEES in 2011!!!!!!
- For my resolution, I have already made an appointment with my estate planning lawyer. I am the single mother of four and have always had a loosey goosey “declaration of trust” with my sister and named her as “trustee” for the benefit of my kids as a beneficiary on everything. My eldest just turned 19 and with hard work and some generous gifts from my parents, I am developing what I consider a little bit of wealth. For 2011, I have decided to take another look at my will and add some powers of appointment that arose with those parental gifts and to formalize a trust with some realistic age breaks for distribution of principal. I know this housekeeping will make me feel much better and take some unintended pressure off my sister.
- Get an accountant.
- I want to set up all of my accounts on auto-pay. I always pay late because I’m not organized. This is going to be the year that I fix that.
- Pay off all credit card debt and save more.
- Keep better records. I am embarrassed to admit that while organized in other areas of my life, when it comes to receipts, and records, I’m a mess.
- Review and increase (as appropriate) my advertising and consulting rates. Some will stay the same, but some will go up.
- File my taxes on time. I’ve filed an extension for the past several years, and still send it out on the very last day in October. I’m hopeful that I can get them done without an extension this year, but if not (I don’t want to set myself up for failure – cause those records are a mess and will take a lot of time) I want to at least get them done earlier than last year).
- Meet with my accountant quarterly to properly file state business tax returns, file quarterly estimates (haven’t done this to date), and keep on top of things BEFORE the end of the tax year.
- Hire a regular tax preparer. For years, I’ve been going to our local tax place and someone different does my taxes every year. I’ve been worried about what would happen if I got audited. So, this year, I want to find someone that I can go to the same every year.
- Pay off my student loans – finally!
- Organize my receipts and balance my checkbook.
- Open a savings account. I’ve never had one.
- Plan better for the end of the year for my business. I am caught by surprise every year because I don’t do any planning. So, this year, I am hiring an accountant and I am going to make sure that I get everything done by December.
- Hire a tax person. Last year, I tried to do my taxes myself and I spent almost a whole week trying to do them. This year, I’m paying someone.
- Pay my estimated taxes on time.
- Save my refund.
These are pretty good. What are your tax and financial resolutions for 2011?
As a tax professional, I am thrilled with the list of resolutions from your public. I wish they would call me.
As an Enrolled Agent, I am glad that you will be visiting the same preparer each year. I would also hope that you will go to an Enrolled Agent as we Licensed to Practice before the Internal Revenue Service and have passed a special exam, gone through a thorough backround check including tax compliance and must complete 72 hours of training each year.
If anyone is looking, you can see we are well qualified!