Tax Season is the Best Season to Take Care of Your Finances

By Mark Ziety, CFP®, AIF®, senior advisor, WisMed Financial

If you want to get ahead and stay ahead when it comes to taking full advantage of all your financial opportunities, consider these tips:

  • Get organized. Whether you create a formal net worth statement or jot down a summary for yourself, now is the time to figure out what you own and what you owe. This will also help with tax prep since you will have a list of accounts to quickly identify if you are missing a tax form.
  • Determine where to focus in 2021. Are you striving to pay off debt? Do you need to beef up your emergency fund, retirement accounts, or kids’ college savings? Have you been putting off purchasing insurance or drafting your will? Focusing on one item at a time won’t be overwhelming and you’ll see progress faster than trying to do everything at once.
  • Check in with your advisors. An annual checkup is worthwhile and may be required in some cases. For instance, annually recertifying your income with your student loan servicer is required for income driven repayment plans. It is a good idea to meet with your financial planner and insurance agent especially if you had a change in income, family size, or finances,
  • Make tax adjustments. If you have a big refund or big tax bill, adjust your withholding. If you will be in a high tax bracket in 2021, make pretax 401(k)/403(b) contributions otherwise make Roth 401(k)/403(b) contributions.

WisMed Financial and WisMed Assure are part of the Wisconsin Medical Society. WisMed Financial helps members save and invest for their future, eliminate debt, manage taxes, obtain legal documents like wills, utilize charitable strategies, and other personal financial matters.

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