- Gather All of Your Tax Documents in One Place.
It’s never too early to start planning for tax season because April will be here before you know it! Tax season can be stressful, but a little organization now can save you time (and probably a headache) later.
Designate a folder to house all your essential documents. This can be a digital or physical folder where you will add key documents such as:
- W-2 (for employees)
- 1099 (for miscellaneous income like self-employment, freelance work, investments, tax refunds, etc.)
- 1098 (for deduction-related documents like mortgage or student loan interest)
- 1095 (for health insurance)
- 5498 (retirement contributions)
By gathering all documents early and storing them in one place, you’ll avoid the last-minute scramble and reduce the risk of missing important forms. Preparing ahead of time can help you maximize your deductions, ensure accuracy, and file your taxes sooner—which potentially expedites your refund!
- Complete a Personal Financial Statement.
While your year-end tax statement is still fresh in your mind, it’s a perfect time to take stock using BCT’s Personal Financial Statement. This straightforward personal tool helps you track assets such as savings, property, and investments, and your liabilities such as loans, mortgages, and credit card balances.
Regularly updating your statement makes it easier to track your progress over time and adjust your finances if needed. Additionally, having an accurate statement can streamline your decision-making and ensure that you are prepared for important milestones such as securing a loan or buying a home.
- Complete the Estate Planning Checklist.
Now that you’ve assessed your financial situation with a personal financial statement, it’s time to plan ahead with the Estate Planning Checklist to ensure that your “person” knows where to locate your assets. And yes, you have an estate—everyone does!
Estate planning is appropriate for anyone who wants to control their assets after they’ve passed on. If you don’t have an estate plan, your assets will be distributed according to the state’s law. Without a will or trust, this process may take years and runs the risk of inefficient or unfair distribution of your assets.
Having trouble getting started? The BCT Wealth Advisors are here to help! We have the expertise and resources to exceed your financial management needs. Contact [email protected] or call 304-728-2435 to make an appointment today.
Let’s keep the momentum going for your 2025 financial goals! Now that you know where you stand financially, take your planning a step further and attend our upcoming seminar, ‘Preparing for Retirement Income: A Guide to Your Retirement Paycheck.’ The seminar will be held on February 13 at 5:30 PM at BCT, Martinsburg or via Zoom. Please RSVP to [email protected] or call 304-728-2464. We hope to see you there!
Article by: Leslie Crabill, EVP and Director of Wealth and Investments, BCT Wealth Advisors
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