Tax Payment Deadline

A quick note regarding taxes and upcoming tax payment deadlines. These details could come under the category of “Captain Obvious” but are worth mentioning all the same.

The April 15th filing deadline for 2019 taxes was extended to July 15thThere have been rumors of the deadline being extended even further to September or October. This looks ABSOLUTELY NOT to be the case.* The 2019 Tax Filing deadline remains July 15th . See here: IRS.GOV


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Tax Time Groundhog Day

Now that the calendar has turned from April to May there will be in effect a “Tax Time Groundhog Day” on July 15th, which is the new 2019 Federal (and most States*) filing deadline for 2019 taxes.

A number of people reading this note may already have signed and filed their 2019 tax returns^ in order to turn the page and move on to 2020 spending, budgeting and saving. However, if you are in the camp that is stretching out your 2019 filing until the July 15th date, then consider a few last-minute items:

COVID_Cares-Act
Call me with questions or curiosities related to temporary changes related to 401k plans, IRAs and RMDs.

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A Couple of Practical Suggestions

Very short note today as we do our best to stay strong amidst the Coronavirus crisis.

In talking to clients, friends, neighbors, and “kids” of all ages, the questions come down to, “Is there anything financially proactive we can be doing at this time?”

finance news newspaper stocks
In talking to clients, friends, neighbors, and “kids” of all ages, the questions come down to, “Is there anything financially proactive we can be doing at this time?”

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Achieving Financial Goals

At February 21st, while the year is still young… the time is perfect for reviewing or setting goals for this year and the years and months to come. No pressure. The holidays are in the past and the deadline for filing 2019 taxes is still a bit in the distance – for now!

At this somewhat perfect time of the year, goal setting can pay off in a big way toward achieving those goals. Often goal setting is difficult to start with a blank sheet of paper so here are a few tidbits to create momentum:

green palm trees and white gazebo
Setting financial goals is difficult, so start by thinking in terms of categories: Work, Fun, Family.

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Tax Law Changes That Matter For You

As the year turned from 2019 to 2020, there stealthily rolled in several of the most sweeping reforms to retirement and tax legislation in a decade or so (outside of the 2017 Tax Cuts and Jobs Act, or TCJA). The recent changes apply to IRA, 401k and other retirement savings accounts. If any of these apply to you then please read on:

  • Inherited IRA
  • Turning 70½ this or next year
  • Own a business with or proposing a 401k plan
  • Working for a small company and do not have access to a 401k plan
  • Need an early distribution for reasons of qualified birth or adoption
US Capitol
The SECURE Act is the most sweeping reform to retirement and tax legislation in a decade. As with most pieces of Congressional legislation there are positives and negatives.

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2020 Contribution and Gift Limits

A handful of updates for 2020 IRA & 401k contribution and gift limits:

  • For Traditional IRAs and Roth IRAs the 2020 contribution maximum remains the SAME in 2020 as in 2019: $6,000 (plus $1,000 to total $7,000 for those age 50 and over).
  • REMEMBER!! IRA account contributions can be made all the way up until April 15th for the previous tax year.
  • That means that you have until April 15, 2020 to make an IRA contribution for 2019.
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Photo by Pixabay on Pexels.com

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“What Ifs” of 2020 and Beyond

After a year – really a decade – of excellent returns in the stock market, and for 2019 in the stock AND bond markets, it makes sense to ask, “WHAT IF?” As in, what if certain events take place in the markets or economy that could spoil the last several years of positive portfolio returns? Naturally then, there would be a handful of guesses or responses to the “what if” questions.

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What if certain events take place in the markets or economy that could spoil the last several years of positive portfolio returns?

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Time is Running Out

There are just twelve business days remaining in December. If you are realistic about the number of days remaining to transact actual business, it is more like eight days. Use these eight days wisely!

shallow focus of clear hourglass
Make the most of the last eight to twelve days of December.

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We are nearing the 2019 “Tax Year Finish Line”… but there’s still time to address a handful of potentially tax minimizing items*.  One that was a major item of confusion for taxpayers in 2018 was withholding elections. Especially for taxpayers making under $250,000 (and ALL taxpayers) these elections can make a big difference between getting a REFUND** and NOT getting a refund.

IRS W4
The proper withholding election can make a big difference between getting a refund and NOT getting a refund.

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Year-End Tax Planning Tips

Excerpts from the TGIF 2 Minutes Archives:

The beginning of October means we are in the 4th Quarter… and the countdown begins to year-end. The following are excerpts from the Year-End Tax Planning Checklist.* Several of these items, if addressed now, could make a big difference to your 2019 tax filing AND add to your savings.

variety of pumpkins
The beginning of October means we are in the 4th Quarter… and the countdown begins to year-end.

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