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Archive for March 2020

CARES Act: Miscellaneous Healthcare Benefits

fee only financial advisor deer park barrington chicago The CARES Act- Miscellaneous Healthcare Benefits draft

CARES Act: Miscellaneous Healthcare Benefits Background: As a result of the Patient Protection and Affordable Care Act (PPACA) from 2011, most ‘over the counter’ drugs and medicines technically required a prescription to be considered a qualified expense. Meaning it could be paid from the different Health focused savings accounts like a Flexible Savings Accounts (FSA),…

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CARES Act: Student Loan Borrower Relief

The CARES Act- Student Loan Borrower Relief fee only financial advisor deer park barrington chicago draft

CARES Act: Student Loan Borrower Relief   Background:  Along with the goal of the CARES Act putting money into the pockets of Americans, there is also help for them to keep more money in their pockets.     Timing: You can reach out to your student loan lender immediately to learn what you need to do in order…

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CARES Act: New Deductions & Charitable Contributions

The CARES Act- new Deductions & Charitable Contributions Fee only financial advisor deer park barrington chicago draft

CARES Act: New Deductions & Charitable Contributions   Qualified Charitable Contributions – NEW Above The Line Deduction Background: This new deduction is for taxpayers that are claiming the Standard Deduction and made charitable donations.  In the past, you weren’t able to deduct these donations and therefore didn’t experience any benefit. Amount & Timing: Starting with…

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