Planning for retirement should be pretty straight forward, but the twists and turns that coming years bring can throw you off track and make the retirement process stressful when all is said and done. Luckily, there are a few things you can do to make planning for your retirement less stressful and more successful overall:
Don't Overlook Short-Term Goals
It can be easy to overlook the opportunity to create and reach short-term goals when you're focusing on the long-term goals, but skipping the short-term goals can be a mistake.
Summer is the perfect time to sit down and make sure that you have everything in line for next year'stax season. It marks the halfway point in the year and is a great time to reflect upon your taxes and ensure that you are not scrambling in December to put money away for retirement or increase your tax contributions.
#1 Check Out How Much You Are Putting In Your 401(k)
If your child is starting their first paying job this summer, here are a few tax considerations you are going to want to discuss with your child before they start their summer job.
#1 Dependent Status
The first thing that you need to do is make sure that your child understands that they are still your dependent. As long as the you are still providing for more than half of your child's needs, no matter how much money they make, they are still your dependent.
Being your own boss brings some benefits for you. One of the greatest from most people includes having a more flexible schedule. Setting your own hours and working when you can will alleviate a lot of issues in life. However, there are things that may not be as appealing, such as not having company benefits. One way to help offset this is by the numerous tax deductions you can qualify for by being self-employed.
As the middle of the year approaches, few people are thinking about taxes. After all, it's summer and summer is meant for fun and sunshine. But, spending a little bit of time planning can help you to have a much more stress-free spring next year when tax season comes around again. Here are 3 ways to do just that.
Check Your Withholding
Looking at your financial picture during the summer gives you time to make any needed adjustments before it's too late.