The U.S. federal government just passed a big coronavirus relief bill, aimed at supporting small businesses through this difficult time. One of the measures in the bill is the Paycheck Protection Program—here’s a link to everything you need to know.
The Senate finally passed the $2 trillion relief package referred to as the CARES Act after some delays and theatrics. When you factor in the loans and other parts, the relief package total is over $6 trillion. The main part of the $2 trillion relief package represents about 10% of our GDP. This is a very large bill with over 850 pages, so there is a lot to unpack. Let's break down...
If you’ve lost a job, gig work, or are struggling financially right now, here are a few things you can do: File for unemployment. The coronavirus relief package that the Senate passed recently is expanding unemployment benefits — extending the length of time people will receive full pay as well as raising the weekly maximum benefit. More good news: contractors, gig economy workers, freelancers,...
Given current circumstances, if you are at all concerned about your company’s ability to afford your 2020 defined benefit/cash balance pension plan contributions, you must consider action now that will allow you to reduce or eliminate the plan’s 2020 required contribution. Most plans provide that benefits are “earned” once employees complete 1,000 hours during the year. For full-time...
While it is amazing people are willing to stay home to help lower the spread it is, unfortunately, having a real financial impact on individuals. Below are some of the ways relief is being offered for those impacted by coronavirus. While it is expected that more relief is on the way below are some things you can do to help today. 1. Contact Creditors Many creditors like the Apple Credit Card are...
When we sent out the note that IRS Extends Filing Due Date and Payments, we took that information off the IRS website. As it turns out, the information was slightly incorrect. All payments have been extended to July 15th for Federal and June 15th for State. However, all filing must be made by April 15th with or without payment. To extend your filing, just simply ask your accountant to file an...
The tax relief postpones various tax filing and payment deadlines that occurred starting on March 3. As a result, affected individuals and businesses will have until July 15, 2020, to file returns and pay any taxes that were originally due during this period. This includes 2019 individual and business returns normally due on April 15th, as well as various 2019 business returns due on March 15th....
On March 13, 2020, the California Franchise Tax Board (FTB) announced special tax relief in response to the COVID-19 pandemic. Affected business and individual taxpayers are granted an extension to file 2019 California tax returns and make certain payments, until June 15, 2020. This relief is in line with the Executive Order issued by the Governor on March 12, 2020. The extended California...
We recently have seen a dramatic shift in interest rates in response to the ongoing global crisis. Over the last month, we have seen the 10-year treasury drop from 1.88% on January 1st to 0.81% on 3/12/20. This is important to note because historically mortgage rates tend to move with the 10-year treasury. With the recent drop-in rates, it is logical to assume now would be an excellent time to...
The markets have been anything but friendly with several gap downs. It has felt like being in an elevator that falls straight to the bottom. In fact, the market has never dropped as fast or precipitously as it has from the recent all-time highs. Below is a chart summarizing the daily return over the last ten days for the Dow Jones Industrial Average (DJIA): Looking at the chart you can see that...
Dr. Steve was recently interviewed by Breana Patel about risks in Socially Responsible Investing. Click here to read the interview.
We typically do not believe in giving blanket advice financial planners because everyone’s situation is different. However, when discussing trusts, we make an exception and have no problem saying that virtually everyone who lives in California should have a trust. A trust is the way to protect your wishes and pass your legacy onto your heirs. Below we will discuss five reasons you should...
This has been a tough week for stocks. According to Deutsche Bank, in the last six days we have just witnessed the fastest 10% decline from a peak in the S&P 500. During times like this you must be cautious making investment decisions. In fact, often the best response is nothing or to do the exact opposite. To quote Warren Buffett, the Oracle of Omaha, “We simply attempt to be fearful when...
One of the most common planning topics we discuss with clients is social security planning. This is an important asset in retirement and something you should understand. The first step in social security planning is to determine your Full Retirement Age (FRA). This is the earliest age that Social Security has determined that you are eligible for your full benefit. Below is a chart to help...
People are always looking for a quick way to make a buck. There are plenty of blogs and sites out there that promise you ways to make “free” money and typically are too good to be true. The reality is most of us would like to lower our bills or make more money. Below are some real-world, practical ways to potentially help you make (or save) hundreds or thousands of dollars over time. 1. Use the...
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