Your Weekly News and Updates
July 7, 2020
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It’s going to be quite a while before anyone sees “Hamilton” onstage again. But there’s now another option: Disney Plus started streaming a filmed version of the stage production on July 3.
The plan was a pandemic-prompted shift: Just three months ago, Disney announced that it was preparing the film for release on October 15, 2021.
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July 2020 Client Letter: A Bounce in Economic Activity and COVID-19 Cases
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Last month, I entitled June’s letter to you “The Approaching Light Before the Dawn.” Much of the economic data at that time was extremely negative, with record declines in employment (U.S. BLS employment data) and consumer spending (U.S. BEA). The speed of the decline had no modern precedent. With government-imposed lockdowns and business closures, companies furloughed employees at a furious and painful pace. It is difficult to express in words, but it has been disheartening to see friends and family members sidelined from the workforce....
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IRS Guidance on Waiver of 2020 RMDs — IRS Allows January RMDs to be Paid Back to Retirement Account by August 31, 2020
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As we have previously discussed, the CARES Act eliminated required minimum distributions for 2020 in light of the coronavirus pandemic. However, for those who took RMDs early in the year, many did not qualify for what is called a 60-day rollover, which allows individuals to withdraw from one retirement account and place it into another.
This created a situation where you took an RMD but had no way to return the funds, even though RMDs were no longer required. Especially for those that took distributions in January, there were limited options until this week. The IRS provided guidance recently with some big news: The 60-day rollover period for 2020
RMDs has been extended to August 31, 2020
, including any RMDs taken in January.
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REGISTER FOR OUR NEXT
PROSPECTIVE CLIENT
WEBINAR
July 23rd, 2020 at 4:15pm
You won't want to miss this!
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Debra Taylor,
CPA/PFS, JD, CDFA
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10 Things You Should Be Doing For Your Portfolios - With Market and COVID-19 Updates
This Webinar is designed for prospective clients but all are invited!
Register for our webinar to learn the top 10 things you should be doing for your portfolios!
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Reasons To Attend Our Webinar:
- Find out what Taylor Financial Group provides to our clients, which sets us apart from other firms
- Find out how we help our clients pursue their life long dreams.
- Stay informed on the stock market and the economy and what is coming next
- Learn how to navigate market volatility when it comes to your portfolio and ways to help profit from it
- Hear Debra Taylor, Founder and Wealth Advisor, share stories on how she has helped clients for over 20 years manage their wealth and try to help them come out ahead in turbulent markets
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Debbie personally curates our newsletter which offers exclusive insights into events and happenings at Taylor Financial Group, LLC!
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Who Can You Help?
We understand how daunting this time is for you and we are trying to provide you with helpful information. Do you know anyone who could benefit from our services?
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Every week, we will provide you with an updated
COVID-19 Index
that uses stoplights to indicate the financial stress on our health, economy and markets. It reviews the critical data points and addresses where we are and then provides an Overall Assessment.
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Click on the photo above to access your own copy!
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FILE YOUR TAXES AND FUND YOUR IRAS BEFORE JULY 15
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The filing and tax payment deadlines have been extended from
April 15
to
July 15, 2020
.
You also have until July 15, 2020 to contribute to your 2019 IRA.
If you have already filed your 2019 returns,
click here
for information on how to send them to us.
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Will COVID-19 Cause Deflation to Show Up?
Article Provided by Taylor Financial Group, LLC
On June 10, 2020, the Department of Labor released CPI numbers for May and there was a chorus singing deflationary tunes for the rest of the week. Will the chorus get louder over the coming months or lose its voice in the heat of the summer?....
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A Recovery That Started Out Like a V Is Changing Shape
Wall Street Journal Article Provided by Taylor Financial Group, LLC
After recovering rapidly from mid-April through mid-June the economy has shown signs of sputtering in the past two weeks. The flattening may reflect a pullback by consumers in states where cases of Covid-19 have shot up, the exhaustion of pent-up demand driven by stimulus checks, or simply a pause after the first wave of low-risk workplaces were allowed to reopen...
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Coronavirus Will Change the World Permanently. Here’s How.
Article from Politico, Provided by Taylor Financial Group, LLC
For many Americans right now, the scale of the coronavirus crisis calls to mind 9/11 or the 2008 financial crisis—events that reshaped society in lasting ways, from how we travel and buy homes, to the level of security and surveillance we’re accustomed to, and even to the language we use. Politico Magazine surveyed more than 30 smart, macro thinkers this week, and they have some news for you: Buckle in. This could be bigger...
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CURRENT STATE OF THE MARKET
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Weekly Market Commentary 7.07.2020
Published by The Carson Group, LLC
The S&P 500 wrapped up its best quarter since 1998, gaining 20.5%, amid a strong employment report and continued concerns as the United States and the world posted a record number of coronavirus cases. New daily virus cases topped 50,000 in the U.S. and more than 200,000 globally twice last week. More states slowed or rolled back measures to loosen the economy and emphasized the need for discipline in containing the virus...
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"Service is the rent we pay to be living. It is the very purpose of life and not something you do in your spare time."
- Marion Wright Edelman
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Tip of the week
Provided by Taylor Financial Group, LLC
Sell old stuff to fund a new experience. Sell what you don't need online and use the proceeds to fully fund your new adventure.
You can visit
Depop.com
to sell your clothes and
Letgo.com
to sell all other personal items.
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Last week with the TFG Team...
Debbie took this beautiful cotton candy sunset photo in Asbury Park, NJ this weekend.
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CONTACT US!
Debra Taylor -
201-891-1979
Rob Taylor-
201-485-8464
Rob Papa -
201-485-8493
Jennifer Mlynar -
201-485-8098
Jared Marzocco -
201-485-8494
Alexis Cedeno -
201- 891-1130
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795 Franklin Ave
Bldg C, Suite 202
Franklin Lakes, NJ 07417
STAY CONNECTED
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