Newsletter | April 3, 2020

Insight and Information for Your Peace of Mind!

April is here and this is definitely a one-of-a-kind Spring that we have here on our hands.  Showing compassion with donations for those individuals, their families and small business people is one way we wanted to spring into action.  We also want to stay in regular contact with you and to be a resource as we all navigate this time of uncertainty together.  With many weeks or even months of preparedness ahead, there will be many diverse situations and decisions that we may encounter.  Please reach out to us not only for your financial guidance but any other matters as well.   Please click on the following link to hear from David regarding the latest on the economy.  He will also touch on the actions that have been implemented within the investment portfolios, along with the outlook for the markets.

**Quarterly Investment Statements, Prospectus and Proxies – We encourage the use of electronic delivery to reduce the handling of the paperwork.  Contact Jennifer at our office to assist in making the switch to the electronic version.

Stimulus Bill/ Important Changes!

Over the last few weeks, the US government has passed several stimulus bills aimed to mitigate the economic impact of COVID-19 on individuals and businesses. Here are some important changes you need to be aware of: -   Tax Filing Extension. Both Federal and State of Georgia tax filing deadlines have been extended from April 15 to July 15 for 2020.  Additionally, the deadline to make a 2019 IRA contribution has been extended as well. If you would like to make a contribution to your IRA or Roth IRA, there is still time. -IRA Required Minimum Distributions are waived for 2020 Specifically, this waiver is applied to all individual retirement plans including IRAs, 401(k)’s, and 403(b)’s; as well as inherited IRAs. If you need to take a distribution, it is still allowed – it is just not required. -    Charitable Contributions. If you use your IRA to make Qualified Charitable Distributions, you may continue to do so.  There are additional provisions for all taxpayers to make deductible charitable donations.  If you take the standard deduction, you can still make a 100% deductible charitable donation of $300 cash this year.  If you itemize, the previous limit of 60% of AGI has been removed. You can now donate up to 100% of AGI for deduction. https://www.businessinsider.com/personal-finance/coronavirus-stimulus-bill-new-charitable-deduction-2020-3?op=1 - Stimulus Checks. The treasury will be sending stimulus checks to households that meet requirements beginning April 9th. Up to $1,200 and up to $500 for dependent child ages 16 & under. Social Security Recipients will get their stimulus check regardless of their 2019 tax return filing status. For Single tax payers, anyone with AGI less than $75,000 will receive a check, with the benefit phased out up to $99,000.  For Joint filers, anyone with AGI less than $150,000 will receive a check with the benefit phase out up to $198,000 As soon as the Government announced that you would be receiving a stimulus check the scams began! Do not answer any calls, text or emails about needing banking information or personal information to process this check. You can read more examples of current scams here! https://www.newsweek.com/coronavirus-covid19-financial-stimulus-online-scams-fraud-how-stay-protected-1495297 -   Payroll Protection and Unemployment Insurance. In an effort to keep Americans employed, the Congress passed a Payroll Protection Plan for small businesses.  It provides loans and grants to meet payroll.  Additionally, unemployment insurance benefits have both increased and been extended.  So,if you or a family member are affected by unemployment during this time there will be benefits available to help you through. If you are self-employed or have a small business there are three main assistance programs Paycheck Protection Program Economic Injury Disaster Loans and Loan Advance SBA Debt Relief Applications start April 3rd. https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Mortgage Assistance

Many banks have implemented Mortgage Assistance Programs to help those people who have been impacted by the Coronavirus . Below are a couple of links with helpful information. https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx https://www.knowyouroptions.com/loanlookup

A couple of ideas on how to help out:

Consider buying a gift card to a small business that your frequent. Hair stylists, nail salons, fitness studios, restaurants and coffee shops have all been temporarily closed. A lot of employees are independent contractors and would very much appreciate your thoughts and support Share your excess supplies with your friends, neighbors and essential personnel. Many of us have stockpiles of items that we're likely never going to completely use up before quarantine is over. Ask your neighbors if they need something and share if you can.

Beating Boredom

Call old friends! An old friend...one who I haven't seen in over ten years called the other day and said he had the time and so he was calling friends he hadn't talked to in at least a year. It was great to catch up and hear all about his family. He said his plan was to call one friend a day. Tired of humans? Hang out with furry friends! https://www.youtube.com/watch?v=7D5bPLxU8U8 https://www.youtube.com/watch?v=ul_Yki9Tmm8 https://www.youtube.com/watch?v=JhaXTd8DKJk

Fun Books and TV

Top 25 Netflix Original Series Top 15 Amazon Prime Original Series 35 Best Audio Books Best FREE Kindle Books (434 books!) Best Books of 2020 (from Good Reads)