Month Income Taxes Saving and Investing
JANUARY
  • 4th quarter 2019 estimates due 1/15/20
  • Expect to receive W-2s and 1099s by January 31, 2020
  • Review your withholdings for 2020, and, if necessary, file a new W-4 Form with your employer to adjust your withholding
  • Prepare a W-2 for your Nanny by January 31st if you paid the nanny more than $2,100 in 2019
  • Contact your MDTAXES CPA to set up your tax prep appointment
  • Establish a savings and debt reduction goals for the year
  • Try to increase your monthly contributions to your 401(k) or 403(b) plans.  The maximum annual contribution for 2020 is $19,500.  Anyone 50 or older can contribute an extra $6,500
  • Automatically transfer $500 per month from your checking account into a Roth or Traditional IRA ($583.33 if 50 or older), and $1,250 per month into a 529 Account for each of your children or grandchildren