About a month ago, President Trump signed an executive order that expanded economic relief to taxpayers. Starting September 1, 2020 and through December 31, 2020 employees can defer payroll taxes. [Read more…] about Should You Participate in a Payroll Tax Relief Program? Most Likely Not!
In this video, I provide a quick summary of the HEROES Act, a new $3 trillion stimulus package aimed to provide additional assistance and reliefs to individuals, businesses, and government entities. The bill was passed by the House of Representatives on Friday. Also, I talk about the second stimulus check and other keys provisions of the new stimulus package, including student loan forgiveness and housing assistance.
I recently got a new client and due to the COVID-19 lockdown we had to go through a lot of things virtually. When I have a new client, I always go through a pre-determined process that outlines specific steps and actions both the client and I need to take. One of the very first steps is to send the client a questionnaire to get some basic information about the client and get some insights into the client’s current financial situation and overall life philosophy. One of the questions in my questionnaire asks the client about his or her top five bucket list goals. Usually people list buying a house, travel to an exotic place, upgrading a car, saving for a college and some other things. But this lady mentioned that she wanted to stop using credit cards. It came as a little shocker to me. Of course, she is not alone in that attitude. I am hearing and seeing that many people, especially millennials, opt out from using credit cards in favor of debit cards. But are credit cards indeed as black as they are painted? Let’s find out.
During difficult times like the one we are all getting through right now, there are people that play on the public’s fear about the coronavirus pandemic and do harm than help. I have zero tolerance for that and would like to talk about some scams that you need to be aware of now and what you can do to protect yourself from becoming a victim of a fraudster or a scammer.
The stimulus package allowed workplace retirement plan participants and IRA owners to tap into their retirement accounts and withdraw up to an aggregate $100,000 without penalties for COVID-19 related purposes. Usually, with the exception of certain situations, by tapping into your retirement account prematurely, and that is before age 59.5, you will have to pay a 10% penalty. This penalty was waived.
It’s official – the government will be sending free money checks to millions of Americans. $1,200 will go to individuals and heads of households and $2,400 will go to married couples with no kids. Also, if you have kids, expect to get an additional $500 per child.
You don’t have to be an economist to presume that that recession is most likely imminent. Even the president of the Federal Reserve bank of St Louis warned that
Unemployment may soar to 30% and GDP can crash 50% in Q2.
Almost two years ago, in September of 2017, Equifax, experienced one of the hugest and damaging personal data breaches in the history. Personal information of about 147 million people was exposed. Chances are your private information was exposed too.
After an investigation and scrutiny, the company has agreed to a settlement with the Federal Trade Commission. In accordance with the agreement, Equifax will pay $425 million out of the $700 million settlement to people affected by the breach.[Read more…] about Affected by the Equifax Data Breach? Here’s What You Need to Do
With just under two weeks left in 2017, there is still enough time to reflect on the year, evaluate your financial situation, and be sure that you are off to a good start in 2018.
Let’s take a look at 10 smart financial moves you can still do in 2017 that will reduce your tax liability and save you money. [Read more…] about 10 Smart Financial Year-End Moves