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CARES Act: Unemployment Benefits
CARES Act: Unemployment Benefits Background: Unemployment is a resource available to those when they lose their employment. It is meant to provide a percentage of the previously earned income while you look for other employment. During this Coronavirus pandemic there have been Millions unemployed temporarily and/or permanently. Because the length of this pandemic is uncertain and…
CARES Act: Miscellaneous Healthcare Benefits
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),…
CARES Act: Student Loan Borrower Relief
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 to…
CARES Act: New Deductions & Charitable Contributions
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 the…
CARES Act: Required Minimum Distributions Waived For 2020
CARES Act: Required Minimum Distributions Waived For 2020 Required Minimum Distributions (RMDs) for 2020 are WAIVED; you do not have to take an RMD as you normally would. Background: Normally, if you’re over Age 70-½ (or Age 72 starting in 2020) you have to take a Required Minimum Distribution (RMD) from your pre-tax retirement accounts, such…
CARES Act: Enhanced Loans From Employer Retirement Plans
CARES Act: Enhanced Loans From Employer Retirement Plans Background: Previously, if you ever needed to request a loan from your 401(k) or 403(b) plan, you’d be restricted to the lesser of 50,000 or 50% of your vested account balance. Meaning if your vested balance was 90,000, you’d be limited to 45,000 (90k * 50%) as that is…
CARES Act: Coronavirus-Related Retirement Distributions
CARES Act: Coronavirus-Related Retirement Distributions You can take up to $100,000 out of your employer retirement plan (401k, 457, etc) or IRAs without incurring the normal 10% withdrawal penalty. Background: Normally, when you take money out of your 401k or IRA before Age 59-½, you’d have to pay a 10% penalty in addition to income…
CARES Act: Recovery Rebates
CARES Act: Recovery Rebates CH.R. 748 (CARES Act) Bill Provisions Over the past few days, we have read through the H.R. 748 (CARES Act) bill and there are some specific items we think you could benefit from, if your short term finances could use the help. Even longer-term there are some items that will affect you….
What Is The CARES Act & How Can It Help You During The Pandemic?
What Is The CARES Act & How Can It Help You During The Pandemic? H.R. 748 (CARES Act) Bill Provisions Over the past few days, we have read through the H.R. 748 (CARES Act) bill and there are some specific items we think you could benefit from, if your short term finances could use the…
Rapid Repose To Coronavirus For The Economy
A lot is happening in response to the spread of the coronavirus. As you all know, many of us are in lock-down, working from home and hoping that these actions help “flatten the curve” on the spread of the virus. The Response Moves by the Federal and State governments to stem the spread…
March Investment Financial Newsletter
March Investment Financial Newsletter A lot has happened since we published last month’s February Investment Newsletter. At that time, the S&P 500 was making new record highs and economic data was solid. There were very few signs of trouble. Fast forward three short weeks, and the landscape has changed dramatically. The Coronavirus, which started quietly…
How To Create More Cash Flow During The Coronavirus
How To Create More Cash Flow During The Coronavirus Increase Cash flow With These Tips Here are some things you can do if you find that you need more cash flow and have a lower income. We will go through some tips of what you should always do, but especially now with Covid-19 income changes. …
