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Budgeting and planning for 2019

Bill Morgan

April 2, 2019

If the new year got away from you the last few months, right now is a great time to review the first quarter, make any adjustments necessary, and look toward the rest of 2019.

Here are a few awesome financial planning tips that will help set you up for a properly budgeted financial year.

  1. Take a look at your current allocation. Make sure that your investment portfolio is still allocated according to your financial plan. It’s possible that during the market volatility of 2018, your various asset classes may have drifted out of balance. 

  2. Update Form W-4 for withholding. The IRS significantly revised the withholding tables in early 2018. Now that 2019 has begun, make sure you have checked your withholding to see if you need more or less withheld in 2019.

  3. Make an early calculation of 2018 taxes. You may need to adjust your withholding, change your charitable giving strategy, take advantage of new tax brackets or depreciation rules among many other strategies.

  4. Make a 2018 IRA and HSA contribution (if you haven't already). You have until April 15, 2019, to make eligible IRA and HSA contributions for 2018.

  5. Contribute to your IRA now. You might have heard some rumbling about 2019 being prime for the conversion of ­traditional IRAs to Roths. Because of recent tax cuts, the time is ripe for certain people to convert because they not only lowered tax rates but broadened the tax brackets—big-time. Ask your CPA for more advice on this one.

It’s not too late — You still have time to set yourself up for an excellent 2019 financially.

Set up a chat with a Morgan & Associates CPA today if you need help with budgeting and planning for 2019.

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