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Financial planning is important at the staring of every financial year. It includes reviewing your investments, planning the taxes, etc. Also, if you are salaried, you must plan your savings and file the It return before the last date. Visit http://jarrarcpa.com/tax-services/
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Introduction When you step into a new financial year, the first thing you must do is start planning your finances. In fact, there are some of the crucial steps that you need to follow and the sooner you start, the better. There is no doubt that a new financial year brings more challenges than the previous year and you simply cannot ignore it. You might have to face some alterations in the new financial year than you have had done earlier. So, the sooner your start the planning the better. There is also a to-do list that you must maintain.
Don’t stop SIP After the announcement of the LTCG, the market really started to become volatile and cut around 10% gains from its all-time high. Now, as a long term investor, your duty would be not to worry about the short term downfalls. You must take these as an opportunity to invest more in lump sum other than the regular SIP. It would help you take advantage of the dollar-cost averaging.
Review your Investments in New Financial Year We actually invest on the goals without thinking of the long or short term. Due to this, you need to periodically assess if you are on the right track. So, you must assess the portfolio and see where you stand exactly with respect to the goals. If you actually feel you are quite near to the goal you can rebalance this by increasing the debt portion and decreasing the equity allocation so you don’t face market risk.
Plan your taxes Many people wonder if they should invest in ELSS during late March. But it has been seen that it made impossible investing in ELSS funds for FY 2018-2019. Now to avoid the last minute hassles we recommend you to start investing early in ELSS funds. It is better that you plan up your taxes properly. Taking help of an tax accountant can often prove beneficial in such a case.
For Salaried People You might think of big vacations, a good bike or car, a nice home, etc, instead of purchasing those on EMI’s and become liable to banks, it would be important to restrict to yourself and live a carefree life. Now, you can invest the money in SIP and buy your dream house, car with the corpus at a good price minus the risk.
You must file the tax right away. You cannot file revise the tax returns if you file the originals returns after the due date. You cannot carry forward the losses. Moreover, you will also get full interest for advance tax paid if you are eligible for return. So, you must file the IT return without any fail.
