A year ago I set myself some specific financial goals to reach in 2006. Let’s see what I managed to accomplish:
Separate business and personal financial worlds. Done, I have separate business checking accounts and credit cards, and I run all of my business expenses through those accounts. I have also set up a special home office area in our house.
Open a SEP IRA for 2005 business income at Vanguard. Done, opened a SEP-IRA with $2,500, which I then later rolled over to combine with my existing Traditional IRA.
Do my taxes and research to maximize tax return. Used the advanced form of TurboTax to do this for 2006, for 2007 I will either have to do a lot more reading on how to do S-Corp taxes or use an accountant. Probably the latter.
Roll over Traditional IRA to Roth IRA. After much deliberation and procrastination, we finally initiated the conversion internally with Vanguard last week.
Implement Business Idea A, and have it not take too long to maintain. Decided against pursuing this due to various reasons. I have started writing up all my reasons for failure, but haven’t finished yet.
[Read more…]