10. Review all of the benefits offered to you by your company
Your company may offer many or just a few benefits to its employees. Review them each year and take advantage of as many as possible.
9. Take advantage of a Flexible Spending Account for Health Costs
A Flexible Spending Account (FSA) provides you the opportunity to pay for health and dental related expenses pre-tax. You can use this
for co-pays, prescriptions, dental care, glasses and more. This can save you 10 to 25% in your spending as it is not taxed as income.
8. Take advantage of a Flexible Spending Account for Dependant Care
A Flexible Dependant Spending Account (FDSA) provides you the opportunity to pay for dependant related expenses pre-tax. Elect this option to save on childcare or elderly day programs.
7. Contribute the maximum match that your company offers towards your IRA Account
Find out the maximum contribution that your company will make towards your retirement fund. Make sure you match to that limit to receive the full contribution of your company. This is free cash that will grow!
6. Review the Health Care Options each year
Review with your HR Department all of the options available to you for health care. Some plans offer larger deductibles or co-pays that can save you significant premiums upfront. Keep track of your expenses to choose the best plan and cost for your anticipated needs each year.
5. Fill out a W4 each year to maximize your net pay
Get in the habit of going to the IRS web site each year after completing your income taxes. With your pay stubs and tax forms in hand, fill out the online withholding calculator to discover the correct withholding amount for you.
4. Take advantage of Life Insurance offered through your company. Your company may offer life insurance to employees for little or no premium.
3. Keep receipts from expenses not reimbursed to you by your employer. You may be entitled to a tax deduction for unreimbursed expenses such as uniforms, safety equipment, dues and more.
2. Keep track of contributions to IRA’s you make after tax. Contributions you make on your own to IRA’s may be tax deductible. Keep track of your contributions each year.
1. Get help. Meet with The Budget Coach to plan a budget, organize your spending and plan for your next tax year in advance!