It’s early January and this month I’m preoccupied thinking about taxes, beginning a new semester of school, and thinking of what I’m going to do differently this year. So I’ve compiled a short To-Do list of things that I must complete by specific dates. This might help others get moving on target issues such as:

  • File my FAFSA by February 20th. The deadline is technically March 2nd, but pushing it to the bitter end is never a good idea.
  • Make Spring Break Plans by March 10th. This one might seem ridiculous, but since spring break usually is a busy travel time, the sooner I make my plans, the more money I’ll save.
  • File my taxes by March 30th. Thankfully this year tax payers get 3 extra days due to a holiday, making the tax deadline this year of April 18th (my b’day!) But don’t wait until the last minute! Of course, next year I’ll get smart and file quarterly tax payments 2011.

That’s enough of a to-do list for now. I try to plan one quarter at a time, it makes it more attainable. 😉

Now for some link loving:

  • Need some information on building high returns through investments? A definite must read article, at least for me – 3 Unconventional Investment Moves to Make in 2011. (Invest it Wisely)
  • Another investment idea -how to invest in gold. This isn’t a new idea, but one to investigate a little further – How to Profit in Gold. (Invest it Wisely)
  • The Saved Quarter is the epitome of frugal with how she budgets for the $100 Holiday. If I could only get my holiday spending under $400, I’d be golden!
  • Need to make extra money this year? Need some ideas? Here is a great list of ideas, including some that are a little unusual – Ways to Make or Save an Extra $1,000 This Month (The Saved Quarter)

Are you thinking about taxes yet? Do you have a plan for the first quarter of the year?

9 Comments

  1. Normally I would be tight this of the year with respect to money, but I think that has now changed for the better. So the tax refund I would look forwards to just isn’t that important to me this year.

    Plus I have to account for the small blogging income that I received… (drat).
    .-= Money Reasons´s last blog ..Is The Roth IRA In Danger =-.

    • @Money Reasons – I don’t look forward to refunds either (since I normally don’t receive any!) However, getting taxes over and done with is always a relief. 😉

    • @Everyday Tips – I know. Refunds for me are also a thing of the past. :(. Oh well. As for spring break, I think you’re right – they will be all over the place. Ours is the week of Easter, so it’s the 3rd week of the year (really late!)

    • @Krantcents – I usually do as well, but because I fill out my FAFSA in February, I sort of need to know what I’m claiming this year! So, taxes just sort of pop up at the same time.

  2. Ronald R. Dodge, Jr. Reply

    Income Taxes:

    W-4 form: We claim “EXEMPT” as we meet both requirements, which we have to do this every single year by February 15th. Even with claiming “EXEMPT” for federal, we still get a rather large refund from federal. Can’t do any better unless one is able to claim “Advance Earned Income Credit on their W-4 form, but that is no longer an option starting in tax year 2011. For our household, we have never qualified for EIC as even when I did qualify for EIC via income, I didn’t cause of the age restriction at that time.

    As for state, we can only claim up to 7 (The number of exemptions we claim on the return itself) on an equivalent form to the IRS’s W-4 form per state’s IRC. However, state only give us half of the exemption amount as a credit for the withholdings, so we still get about $400-$450 refund from state.

    I don’t know about you, though good surprises aren’t nearly as bad as bad surprises are, but wouldn’t you want to make your money work as much as you can? as such, I put the refund money right into my cash flow management worksheet. Therefore, I do the planning of taxes around April (Do a full blown tax budget review in case there’s anything new that came along in the process), August/September (Annual budgeting process prior to employment open enrollment), and in December (the month when income tax rules are most volatile).

    In January, I start up my tax information on http://www.freetaxusa.com as I pay nothing for the federal return. As for filing with the state, I go directly to the state’s web site and do the return there so once again I don’t have to pay for it. Once I get my W-2s, I complete the process and submit the tax returns for both federal and state. As for the 1099’s, all I have to do is get the data online and put that information onto the 1040.

    As for spring break in college, spring break always came early as it would be the week that goes from February into March like this year, it will go from February 27th to March 5th, if I was still going to the college.

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