stance). If you do not have others depending on you, then life insurance
should not be a priority.
Make a note of any policy renewal dates. Obtain at least three quotes
for insurance coverage such as auto or
property insurance as rates can vary
significantly from year to year and between providers. It should only take a
few phone calls to do this, or you could
do it online, but you should plan to do
it at least a week or two before the policy expires.
be well communicated in the media.
Now is also the time to evaluate
your withholding allowance filed on
your W4 with your employer. If you
are going to receive a large tax refund
when you file your tax return, you may
want to adjust your withholding allowances to a higher number, which
reduces the amount withheld and increases the size of your paycheck. If
you will owe taxes, you should adjust
the withholding allowances down, assuming that there will be no changes
in your income, deductions, tax credits or filing allowance in 2013. On their
web site, the IRS has a W4 withholding calculator that you
can use to help you determine the right number of withholding allowances.
I hope using this financial checklist gets your year off to a
flying start! ✈
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dr. Sherry J. Parshley (WAI #4954) is founder of Sierra Papa
Aviation Consulting LLC, which provides accounting, finance
and tax support for aviation businesses and attorneys. She
is a commercial pilot, certificated flight instructor and co-builder of an RV- 8 aircraft. She welcomes questions and
suggestions for future columns and can be reached at sherry@
If you did not keep
your records organized
for the 2012 tax year,
start in early January to
find those documents
such as receipts for
• prepare for filing your taxes—for 2012
and 2013. If you did not keep your records organized for the
2012 tax year, start in early January to find those documents
such as receipts for deductions (medical expenses, charitable contributions, etc.). Start a new filing process for 2013 so
that you reduce your workload and stress level for next year’s
tax filing. I establish an expandable file with folders for major categories and drop the documents in the files throughout the year. In January, I transfer that information to an Excel spreadsheet before I start my tax return. As for 2013, it is
anyone’s guess as to what changes may occur with the tax
laws. What is certain is that there will be changes. It is not
necessary to be a tax expert to keep track of these developments—just watch the nightly news. Any major changes will
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