How Stay-at-Home Orders Change Money Habits
The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for all of us regarding money. Here […]
Small Business Owners Get Good News on PPP Loan Forgiveness
Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new […]
Help! My Stimulus Payment is Wrong or Missing!
Millions of Americans already received their economic impact payment. But what if you’re still waiting or your payment was for an incorrect amount? Here are some common scenarios why you may not have received your payment, or the payment you did receive was for an incorrect amount, and what you can do. Your payment was […]
IMPORTANT! You May Owe a Tax Payment This Month
Find out if you owe the IRS an estimated tax payment You may owe the IRS a tax payment for your 2020 tax return and not know it. Most Americans have income taxes withheld from their paychecks, with their employer sending a tax payment to the IRS on their behalf. This year, however, many more […]
July 2020
This month: July 15 – Individual income tax returns for 2019 are due – C corporation tax returns for 2019 are due – 1st and 2nd quarter 2020 estimated tax payments due Other July 15 Deadlines – Gift tax returns – 2019 IRA contributions – 2019 HSA contributions
Think twice before transferring your home to adult children
Your home might well be your biggest asset. Many times, parents think about giving their home to their adult children outright while the parents are still alive, or adding their names to the deed. While doing so might avoid probate when you die, it’s also likely to lead to significant gift tax consequences. And if […]
Where can you live to lower your estate tax?
In retirement, you might move to a different state for a wide range of reasons, such as being close to your kids and grandkids, or for a warmer climate. Another key thing to consider is the state estate tax. The federal estate tax applies to all U.S. taxpayers, whether they live in the U.S. or […]
Pandemic downturn opens estate-planning opportunities
It’s not new news that many financial investments and bank accounts have taken a hit as a result of the global spread of coronavirus. According to most predictions, it’s likely to take some time for the markets to rally and the economy to pick up again. But there is a silver lining for some taxpayers, […]
Review your estate plan basics
The Covid-19 pandemic has offered a great reminder to review the elements of your estate plan. Below are some key items to consider. Set up a call with your estate planning lawyer to consider any specific details related to your own plan. Review your health care proxy and power of attorney: Be sure you are […]
How can 2 daughters be removed from a quitclaim without getting a third of my mom’s money when she sells her home?
My 85 year old mom is in the process of selling her home. Twenty five years ago she did a quitclaim. She thought she was just signing a form so that her home would go to the three of us when she dies. Now she is ready to come live with me and her money […]