Every year, about 140 million households file their federal tax returns.1 For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits.
It seems a shame not to make the most of all that effort.
Tax preparation may be the only time of year many households gather all their financial information in one place. That makes it a perfect time to take a critical look at how much money is coming in and where it’s all going. In other words, this is a great time to give the household budget a checkup.
A thorough budget checkup involves six steps.
Tax time can provide an excellent opportunity. You have a chance to give your household budget a thorough checkup. In taking control of your money, you may find you are able to devote more of it to the pursuit of your financial goals.
Nisivoccia Wealth Advisors may be reached at (973) 298-8511 or email@example.com.
1. IRS, 2019
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