* Coronavirus Resources

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

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…

Read More...
The CARES Act- Required Minimum Distributions Waived For 2020 fee only financial advisor deer park barrington chicago draft

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…

Read More...
The CARES Act- Enhanced Loans From Employer Retirement Plans fee only financial advisor deer park barrington chicago draft

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…

Read More...
The CARES Act- Coronavirus-Related Retirement Distributions fee only financial advisor deer park chicago barrington draft

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…

Read More...
fee only financial advisor deer park barrington chicago the cares act recovery rebates draft

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….

Read More...
fee only financial advisor what is the cares act and how can it help during the pandemic deer park barrington chicago draft

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…

Read More...