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Basic Financial Planning for Newlyweds

 
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Tax and Financial Planning Calendar

Month

Income Taxes

Saving and Investing

 

 

January

  • 4th quarter estimates due 1/15

  • Receive W-2s and 1099s by 1/31

  • Contact one of our CPAs to help you with your taxes

  • Review withholding for upcoming year

  • Establish savings and debt reduction goals for the year (goals.htm)

  • Try to increase monthly contributions to your 401(k) or 403(b) plans

  • Set up to have money automatically transferred from your checking account into a Roth or Traditional IRA so you'll max it out by 12/31.

February

  • Get a jump on your tax prep and call your CPA by 2/28 to set up an appointment

  • Organize your tax information

  • Try to have holiday credit card balances paid off by 2/28

March

  • Time's running out if you'd like to complete your tax returns by 4/15

  • Use your tax refund to pay off some debts, fund an IRA, and/or invest.

 

 

April

  • Personal income tax returns are due 4/15/

  • Request for automatic extension, Form 4868, due 4/15

  • 1st Quarter estimates due 4/15

  • Due date for funding your Roth or Traditional IRA for the previous year is 4/15

  • Due date for self-employed individuals to fund their retirement plans is 4/15

  • Self-employed individuals who need additional time to fund a retirement plan should file a Form 4868 with the IRS

May

  • Good time to make semi-annual donation of clothing and household items to charitable organizations

June

  • 2nd quarter estimates due 6/15

  • Income tax returns for Ex-Patriots due 6/15

  • Determine if you are on track to meet the savings and debt reduction goals you set back in January

 

July

  • Work through your mid-year income tax projection

  • Update your monthly cash flow budget (budget.htm)

  • If your Keogh accounts are worth more than $100,000, Form 5500-EZ due by 7/31

 

August

  • Returns on extension are due 8/15

  • Requests for 2nd extension, Form 2688, due 8/15

  • Self-employed individuals who went on extension need to fund retirement plans by 8/15 or should file Form 2688

 

September

  • 3rd qtr estimates due 9/15

 October

  • Returns on second extension due 10/15

  • Update your net worth statement using 9/30 information

 

 

November

  • Good time to make semi-annual donation of clothing and household items to charitable organizations

  • Need to make applicable elections in connection with employer's flexible spending account

  • Time to review and finalize your year end tax planning questions or strategies

  • Determine whether you should convert your IRAs to a Roth IRA

 

December

  • 4th quarter state estimates should be paid by 12/31 for people who itemize their deductions

  • Keogh plans and Solo 401(k) plans must be established by 12/31

  • Last chance to maximize annual contribution to your 401(k) or 403(b) plan.

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