While the media is filled with content that might make you think that chasing the current hot stocks or predicting the economy is the path to financial success, our views at Summit Wealth Advocates are different.
Below we continue our updates of CARES Act provisions that are most relevant to our clients.
There are a considerable number of provisions of the CARES Act, some of which apply to a limited number of people, so we are going to break down one or two provisions per blog that we believe are most relevant. 2019 Tax Return Filing Deadlines: 2019 individual tax returns are now due 7/15/2020. This is an automatic extension. Taxpayers do not have to file Forms 4868 or 7004 to get the 7/15/2020 deadline. However, tax...
In times like these, it may be difficult not to get upset when you see the global equity markets declining so rapidly. If you are like me, if feels like we are on a raging roller coaster ride that can’t end soon enough. In this time of great uncertainty, where many businesses are shut down, our federal and state governments are attempting to respond to the impact of the COVID-19 Coronavirus as quickly as possible...
Over the past few weeks, the IRS has provided guidance (in response to the COVID-19 Coronavirus) regarding the filing requirements of your 2019 tax return, as well as when tax payments to the IRS are due. This is where things stand as of today, 3/23/2020: Filing Requirements: The IRS has extended the deadline for filing inpidual income tax returns to 7/15/2020. Minnesota Governor Tim Walz announced plans on 3/21/2020 for Minnesota to follow suit...
The COVID-19 coronavirus has been creating some volatility in financial assets over the past month or so, but for the most part investors had been looking beyond it as many assumed it would be a shortlived problem. In the past few days, however, more concern has mounted that the disease may not be as contained as hoped and that there could be a greater impact to the global economy than initially estimated. This has resulted...
While the U.S. 10-year Treasury yield had been as high as 3.2% just last November, it has recently fallen below 2% on expectations of slower economic growth. While sub-2% yields have not been unusual in the low-interest rate environment we’ve been in following the 2008 Global Financial Crisis, it is without a doubt much lower than we’ve experienced in prior decades. If you think U.S. yields feel paltry, consider this: The Republic of Austria issued...
If you stay current with the news periodically throughout the year, you will have undoubtedly seen one (or several) articles outlining the woes of the current Social Security system. I recently read a good article in the June AARP Bulletin (“Healthy Now, But Outlook is Risky”) and want to share some of the facts provided in that article: Without changes, the Social Security trust funds would begin to be depleted in 2035. What this means...
So you did a great job of saving for college for your child and they are finally graduating—yay! In fact, you did such a good job that maybe you saved too much. What can you do about it? Here are some options for you to consider: Change the Account Beneficiary: You can change the account’s beneficiary to someone else. Your options include other children, nieces, nephews, a grandchild or even you or your spouse, should...
I’d say once or twice a week I get the question “How much money do I need to retire?” My response is typically, “Well, it depends.” The “magic” amount of retirement dollars that each person / couple needs really depends on a few basic factors: How soon before you plan to retire? How long are you going to live (do you have longevity in your genes)? How much do you plan to spend in retirement...
A few weeks ago my son was in need of some Cub Scout gear, so I stopped at a local Scout Shop. Our den leader had told me the few specific items that we needed and that everything else was optional. Nonetheless, the Scout Shop employee made a good effort to sell me items that we didn't need. He even pointed out that the amount I was spending was way less than I would spend...
Most people want to know how their investments are performing but what really matters is how they are performing on an after-tax basis. This is important because it is what translates into how much you can actually spend from your portfolio. At SWA, we have developed an Asset Location Strategy (ALS) that encourages each client to build a globally diversified portfolio utilizing a passive, tax-efficient investment approach. We do this by advocating that clients build...