How South Carolina Families Can Plan Their Post-Holiday Finances
- David Greene
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In t
his article, you can discover…
- The benefits of viewing your finances at the start of a new year.
- How to be prepared for the upcoming tax season.
- How estate planning can factor into your New Year’s plans.
Why Is It A Good Idea To Review My Finances In January?
January is typically the month when people make resolutions for the year ahead, so it is good to focus on developing a sound financial plan for the new year. By reviewing things such as your retirement plan and getting a general overview of your assets, you can identify any areas where you may be losing money. This will allow you to reallocate your funds into more lucrative investments.
What Documents Should I Be Organizing And Reviewing In January?
Primarily, year-end statements should be collected for every bank account you hold, as well as gathering statements from brokers and other financial institutions. Any 1099 and W2 documents you receive should also be organized in order to keep an accurate accounting of all of your assets.
How Can I Be Sure That I Am Prepared For The Upcoming Tax Season After The Holidays?
The 2024 tax season opens on January 27th, meaning that you can file your tax returns after that date. It is also important to make sure that you pay your January estimate if you pay estimated taxes, which can greatly reduce the amount you will need to pay in April.
You will need to prepare your W2s and gather your 1099s, which are required to be delivered to you by January 31st. If you have open accounts that have not sent you a 1099 by January 31st, you will need to contact them and request delivery right away.
How Can Estate Planning Factor Into My Post-Holiday Financial Plans?
When you are creating your financial plans, you should review all of your assets in order to ensure whether or not they are in your trust. If you have any assets that you purchased in 2024 that haven’t been put into your trust, this would be a great opportunity to review and transfer these outliers.
Still Have Questions? Ready To Get Started?
For more information on Family Financial Planning In South Carolina, a free initial consultation with Attorney David Greene is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.
Attorney David Greene is a seasoned lawyer based in South Carolina, who has helped countless clients just like you navigate the intricacies of financial planning. With over 40 years of focused experience, he is prepared to assist you in planning for your financial future so that you can preserve your family’s legacy.
Still have questions? Ready to get started? Contact The Greene Law Firm today to schedule a free initial consultation.