Don't be caught off guard when April rolls around when taxes are due and you have not saved or planned for them. Email Article Print Article Bookmark RSS

Don't be caught off guard when April rolls around when taxes are due and you have not saved or planned for it. A financial checkup in the fall can be an artist's wake-up call to make adjustments to your budget before its too late.

It's September and the last thing you want to do is deal with your finances or prepare for tax season. However with 2005 more than half over, now is a great time to complete a personal financial check-up and make the necessary financial adjustments before the year's-end.

Here are a few areas to revisit and answer on your own:

Household Budget

1. Is your household budget on track of 2005? Try the Budget Calculator
2. Are you saving as much as you planned? Find out with the Budget Calculator
3. Have you made any charitable contributions? (Define: charitable contribution deduction)

If you answer 'no' to any of these questions then you need to create a household budget that will work for you and get back on track for 2005. If you don't have a budget, click here to create one quickly online with The Pauper's Free Budget Calculator.

Taxes

1. Did you get a big refund or have a large tax bill for 2004?
2. Are you keeping up with estimated taxes if you have to pay them?
3. Have you earned more or less this year than last year?

You will have to look over your 2004 tax return to answer these questions. It's always important to understand your taxes from last year to be able to stay right on target for your taxes in 2005.

Your Estate Planning
A good estate and financial plan can provide security for you and preserve your assets for future generations.

1. Do you have a will?
2. Is your will five years or older?
3. Have their been big changes in 2005?

Keep a list where all of your important financial info rmation and documents are stored and tell someone you trust just in case anything should happen to you.

Your Insurance
Now is the time to look over your insurance policies and find out what it is you really have.

1. Are your policies up to date, do you have enough?
2. Have their been any recent changes in your family or life?
3. Do you have/need an umbrella policy? (Define: umbrella policy)
4. Do you have enough life insurance, disability insurance?

For more info rmation from a financial expert specializing in the artist community, contact Noa Lessing Fusco, LLC for comprehensive financial check-up and build your secure and successful financial future.

Noa Lessing Fusco is a personal financial advisor and owner of Noa Lessing Fusco, LLC a fee-only financial services company in Westchester County, NY.

Noa Lessing Fusco, LLC provides comprehensive financial advice and planning on an hourly as needed or fee only basis. For further information go to: www.noalessingfusco.com.

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