Philadelphia Inquirer | 01/01/2006 | On Personal Finance | Get finances, records ready for '06 changes

Philadelphia Inquirer | 01/01/2006 | On Personal Finance | Get finances, records ready for '06 changes

Personal Finance and Financial Planning Service

On Personal Finance | Get finances, records ready for '06 changesBy Jeff BrownInquirer ColumnistHere comes another finger-wagging column on things to do, financially speaking, in the new year.
It's an annual ritual - but don't assume you know the list by heart. Some financial matters are changing substantially, so they're worth special attention this time around.
Millions of Americans, for example, will be subject to the alternative minimum tax (AMT) for the first time for the 2005 tax year.
Rules on filing for flexible-spending-account refunds have changed, as have the savings limits for some IRA investors.
Also, interest rates have been climbing and federal rules on minimum credit-card payments have tightened. So the same card debt can cost you a lot more this year - making the top "to-do" item more important than ever: Pay off those high-interest card debts run up over the holidays. If the card charges 15 percent, every dollar of debt paid off effectively earns you 15 percent. Beat that!
Next, in no particular order:
Watch the mail. Annual statements and tax forms will start arriving soon from your various financial-service providers and your employer. They should be checked for accuracy right away, as little things such as an erroneous Social Security number can cause headaches when you do your taxes.


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