Also especially helpful is Bankrate's
guide to homeowners'
coverages. Those folks covered by Medicare will also need to get familiar
with Part D -- the prescription drug coverage. If you try to understand the ins
and outs of this program by logging onto Medicare's web site you may end up increasing
your medicinal intake, so try this Bankrate
article first.
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Speaking of additional medicinal intake, the eighth
mistake is not seeing your accountant early before he or she gets
stressed. The closer to April 15 that we get, the busier your accountant
gets. And just like anybody that has too much work, some of it doesn't
get his full attention, especially when he starts working 12 to
14 hour days. If you visit your accountant and he looks like he's
overwhelmed, consider taking an extension of time to file your income
tax return so that you both have opportunity to adequately review
your taxes. If you don't have an accountant or tax professional,
evaluate your situation to determine if you could benefit from professional
advice.
As long as we're on the subject of professionals,
the ninth mistake is not taking advantage of your attorney, lest
someone takes advantage of you. Your attorney should review your
wills and other documents to determine that they are still in accordance
with your wishes and that they also conform to the impending repeal
of the estate tax. If you haven't done your wills and you have children
or property, then your attorney should advise you of the risks that
you are taking and should get working on these indispensable documents
and other estate-planning
steps. If you're in business, your attorney should also update
your corporate minute books to reflect the business activity and
decisions for the year or years since the minutes were last done.
The 10th mistake is to not look to the future. Gas prices are at
an all-time high, a family of four's share of the national debt
is $129,000, up about $9,000 from last year, and global warming
may be causing all these nasty storms. I guess what I mean to say
is save for the future of our kids through Section
529 plans and Educations
IRAs and think about a hybrid
car rather than a gas guzzler. There are some great tax advantages
to thinking green and securing the education of our future leaders.
Bankrate experts' advice
Repeating your money errors of the past
is a sure way to personal finance wreck and ruin.
Here, Bankrate columnists identify their picks
as the worst mistakes you can make when it comes to your finances in the areas
of real estate, debt, taxes, bankruptcy and personal finance, along with tips
on how to avoid them next year.
