Post tagged in "taxes"
Planning Opportunities in Today’s Environment
As you’ve heard us say multiple times at this point, we are in the midst of an unprecedented time – economically, financially, medically, personally. But for purposes of this post, we’re going to focus on the financial aspects. We’re not just dealing with a market downturn, we’re also in the midst of two historically low environments: tax rates and interest rates. In many ways, this trifecta presents several pockets of opportunity from a financial planning standpoint that, if you’re able to take advantage of, can pay dividends well into the future, regardless of exactly what that may look like. Market Downturn Opportunities Give Away Your Losers: If gifting to family is something you’re already doing, or that you’ve had on your radar for a while, then now is a great time to gift some of your most beat up stock. Why, you might ask, would I want to give my…
CARES Act – Details for Individuals & Families
On Friday, March 27, 2020, the CARES Act was signed into law to provide relief to individuals and businesses impacted by COVID-19. Below are some of individual taxpayer-focused provisions of the CARES Act. Recovery Rebates (i.e. stimulus checks) Considered as a refundable tax credit for 2020 $1,200 for individuals; $2,400 for married (additional $500/child for children under 17) Will phase out at $5 per $100 of additional income over the following Adjusted Gross Income (AGI) limits: $75,000 single $150,000 married Based on 2019 tax return if filed, otherwise 20181 How will it be paid? Social Security recipients will receive theirs when they get their typical checks Non-Social Security recipients will have it deposited where they received their 2018/2019 fund Otherwise, the IRS will send it to the last known address on file (Form 8822 to change address with IRS) Coronavirus-Related Distributions from Retirement Accounts Up to $100,000 from (combination…
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