Being laid off is never fun. While this is a stressful time, it's important that you continue to make sound financial decisions so that you don't make matters worse. Here are 6 things that you should (or should not) do if you find yourself suddenly out of a job.
With many individuals and businesses struggling because of the coronavirus it seems like a new government program is coming out every week. Between federal programs and specific state programs it's hard to keep track of it all! This week New Hampshire has started a new program for self-employed persons. The program is called the Self Employed Livelihood Fund (SELF) Grant, and will be accepting applications through July 17th. Here's what you should know about this program and whether you, or someone you know, might qualify.
Depending on your tax situation, you may be one of the many Americans who make estimated tax payments. In years past you may have mailed a physical check directly to the IRS or your state's tax office. However, right now that may not be the best method. Between delays with the mail and the IRS extremely backed up with paperwork, there is a risk that they may not get to your mail for months. To make matters more confusing for taxpayers, the IRS recently closed some P.O. boxes that have been used for years, and is no longer accepting any mail at those locations. Here's what you should know about making estimated tax payments in 2020.
Do you ever sometimes wish you could go back in time? As financial planners we often dream about taking advantage of certain tax laws before they change, or knowing stock market returns in advance (because no one can consistently predict the market correctly!). Speaking of which, no one was predicting a global pandemic at the start of the year and knowing that in advance may have altered how many individuals would have handled their required minimum distributions from retirement accounts. Similar to 2009, RMDs do not need to be taken in 2020 thanks to the CARES Act. But this rule change did not occur until the end of March. Luckily for those who did not procrastinate, the IRS released additional changes to returning RMDs and taking other distributions from retirement accounts. Here's what you should know about these new rules.
In recent history, The Thrift Savings Plan has not been able to quickly adapt to required changes to the TSP that were part of federal legislation. The TSP’s response to the important temporary changes in the CARES Act is no different, as it is taking four months for them to fully implement changes that were supposed to be offered to participants as quickly as possible. Below is a summary of what the TSP has already done and what still has to be completed, along with a non-CARES Act major change to the TSP.
Near the end of March, the federal government passed the CARES Act. The bill provided an array of various stimulus measures. One of the most talked about were the $1,200 per person stimulus payments. At the time, the bill requested these payments be sent out as soon as possible, but it was unclear when these payments could be expected. Now, a few weeks after the bill passed, some individuals have started to receive their payments. However, if you're one of the many who have yet to receive their payment, there is a new IRS tool to track your payment and potentially update your information if needed.