Financial Resolutions for the New Year (and a Chance to Win!)1:54 PM
Here it is February, and I'm just now taking a serious look at a few things related to my finances. For one, I'm attempting to do my taxes. As a small business owner, it's a little more complicated than it has been in the past. I've had to issue 1099s to my virtual freelancers, for example, and I have discovered that I have a long ways to go to being organized. This is what led me to my own, revised, resolutions for the new year.
1. Commit to Doing Away with Paper. I purchased a scanner last year to help tame the "paper tiger" that has been ruling my home office. I started with good intentions, however, it didn't formally develop a process for scanning everything in an orderly fashion. I am determined to make this year the year I get this perfected.
2. Save for Retirement. Both my husband and I will likely never have an employer-based retirement package. As self-employed's, we must seriously sit down and figure out a way to sock away for our old age. I'm looking at Roth IRAs this weekend, and I'm hoping to put a plan in place by the end of February. I have also considered using NestWise to get more information on best retirement options for my stage in life; they offer an online concierge team to help with financial planning questions anytime I have them.
3. Update my Will. I am proud to say that I have both an advanced medical directive and a last will. It is not, however, been updated to reflect the births of my last two children. Oops!
4. Combine Business Expenses onto one Card. I travel quite a bit for business, and that means that I have hundreds of deductions each year for parking, checked baggage, meals, and fees. Unfortunately, I tend to pay with whatever card I have at the front of my wallet. This means, that come tax time, I have a nightmare trying to sort everything out. This year, I'm committing to using just one card for business expenditures. I can then use the convenient annual statement to help me do my taxes more efficiently.
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*This is a sponsored post from Splash Creative Media on behalf of NestWise. All opinions are my own.