As we enter fall and the last quarter of the year, this is a great time to review how the year is progressing for you and/or your business. This is also a good time to review goals that you have set for the year and determine what you want to accomplish before the end of the year. In the financial area there are several areas to concentrate on for this review.
First, concentrate on how you and/or your business are doing financially. If you haven’t produced financial statements recently now is the time to sit down and get those done. Then review them in detail to see how the different financial areas of your personal and/or business life are performing. Compare those results to last year and analyze significant differences. Based on that review determine any changes you need to make prior to the end of the year.
Next, look at your tax situation. There is still plenty of time to begin personal and corporate income tax planning and to implement tax strategies for 2010. We recommend that tax planning begin in October or November each year. Some of the tax planning areas to review would be retirement savings, including ROTH conversions, buying new equipment for use in your business, charitable contributions and investment gains or losses. The Small Business Jobs Act of 2010 was signed into law September 27th. Learn about the provisions of the Act and how they will affect your business.
Another area to review at this time is your insurance coverage. At least once a year you should gather your insurance plans for both your personal and business policies and review them to make sure they are still needed and have adequate coverage.
Your estate plan is another important item to review. You want to make sure it still reflects your wishes and covers any changes to your life that have occurred such as birth of children, death of a beneficiary or changes in your business.
Lastly, reviewing your financial records and making sure they are all in order is important. Having well organized financial records will save you time and energy when looking for information or doing any of the above reviews. It will also be helpful if anything unexpected should happen and someone else needs to find your financial information.
HHL Group, Inc. provides services which will help you and/or your business with these reviews. Contact us today at 330-721-1410 or at http://www.hhlgroup.net/ to set up a free 30 minute consultation to get started on your financial review.
Company: HHL Group, Inc.