The new year spreads excitement, and for many it also brings the desire of making positive changes and the hope of reaching certain goals. If we review the history, we find it records the beginning of the New Year’s resolutions with the ancient Babylonians some 4,000 years ago. Since then, the human race has many great advancements with tremendous success.
Setting New Year’s Resolutions has become very popular in American culture. Approximately 45% of Americans make New Year’s resolutions every year. Did you know, setting New Year’s resolutions can lead to more success? According to the American Medical Association, those who endeavor to make resolutions are most likely to success compared with those who chose not to make resolutions.
Our question to you is: What are your New Year’s financial resolutions for 2017?
We understand that there are multiples area in which you would need or want self-improvement, we also see it relevant to keep the balance and dedicate just about the same effort to every area of your life. As Certified Public Accounts, we encourage you to give a priority to your accounting and tax records and liabilities in your 2017 resolutions. Staying on top of your tax and accounting records could save you some money in late fees and fines.
Some of the New Year’s resolutions for 2017 we recommend are:
- Stay on track with tax deadlines: knowing which are your tax liabilities and when the due date is, will prevent you going through moments of stress. It will help you to collect the information you need to prepare the filling, avoiding leaving out important deductions. Keep in mind that tax law and codes is constantly changing.
- File your taxes early: If you file your taxes early, you will know ahead how much you have to pay, allowing you more time to come up with the money.
- Pay your taxes on time: Paying taxes on time will save you from failure-to-pay penalties, even if you cannot file on time we recommend to at least make the estimated payment on time.
- Create and track a new or revised financial plan and budget for success
Plan for financial goals (e.g. purchase real estate, expand the business, family, etc.)
We realize that keeping on top of your tax accounting and deadlines can be very time consuming. At Rosillo & Associates, we are here to help you stay on top of your taxes. Give us a call today so we can help you get on track and meet your 2017 Tax and Financial Resolutions. We wish to you and your family a successful and happy new year.