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Articles tagged with: COVID-19

Resetting Your Financial Goals After COVID-19

It's Time to Map Out Your Next Ten Years

06 May 2020

Resetting Your Financial Goals After COVID-19

The novel Coronavirus has brought with it a lot of tragedy, devastation, and chaos; many are losing loved ones, finding themselves in financial peril, and questioning their job security. However, it also brought with it a lot of quality life lessons and a significant pause which provides a rare opportunity to turn inward and focus on what you want for your financial future. Normally, people wait until the end of the year to set out short- and long-term goals, but right now is ripe with potential for those who choose to take advantage.

One of the biggest lessons we’re learning is how fragile and short life can be; for those of us who are lucky to be healthy and safe, it’s important that we do what we can to make the most out of what we’ve been given and where we are at. It’s time to think about what you want your life to look like five, ten, twenty years from now – specifically, where you will be in your financial journey. One way to do this is to start a decade into the future – and work backward to understand how you’ll achieve your goals.

The following tips offer a roadmap to follow as you begin planning for a financially successful decade ahead.

CARES Act Signed into Law – The Highlights You Should Know

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address the unprecedented public health and economic crisis related to COVID-19.

28 March 2020

CARES Act Signed into Law – The Highlights You Should Know

This $2 trillion bill is meant to impact both individuals and businesses and contains significant tax-savings measures. It could affect prior tax years while also creating immediate cash flow.

The following is the summary presented by Michael Kitces and Jeffery Levine (www.kitces.com) on March 27, 2020.  I aim to provide you the highlights that may help you in your personal life, business and that may help someone you know.  I am sure we will dive in deeper in the next a few weeks in terms of planning strategies and action plans to improve your financial situation.

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

Americans Can Defer for 90 Days.

19 March 2020

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

As we continue to face uncertain times, the IRS has made a welcome announcement.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through S corporations, partnerships or other pass-through entities.


 

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