Year-end tax planning is not what you’d normally call adventurous, astounding or even exciting. Due to the tax and financial tumult resulting from the Covid crisis, yearend tax planning is going to be an adventure sport this year. So we’re giving you a heads up now, to be prepared: 2020 yearend tax planning is going to be more important, more complex and more deadline-driven than in years past. Coincident with multiple layers of tax changes, epidemic economics has forced yields to a low unprecedented in modern U.S. history, which, along with high stock volatility, has drastically changed year end tax math. For example, individuals who take required minimum distributions from individual retirement accounts, or who are about to start taking RMDs, have a major tax-saving opportunity, a individuals who may never have thought about converting traditional IRA assets into to Roth IRAs, are suddenly going to be confronted with decisions that will need to made before the end of the year. The stakes are also raised by the November election because that’s going to determine the precise strategies you must take before the end of the year. So please be aware that the upcoming yearend tax planning season may be an adventurous one and you may want to start preparing for it now so you can nail it. Please contact us with any questions or to set up a meeting email@example.com , and don't hesitate to share this video with people who might benefit from our work
Durham, Raleigh, NC, Financial Independence, Wayne B. Titus III, Ed Fulbright,
The Beginning Of The End? The Coronavirus financial crisis is being compared to the near-collapse of the global financial system in 2008 and The Great Depression from 1929 to 1939, but there is one big difference this time: The Fed. The Federal Reserve Bank is using innovative new tools to contain the financial damage of the Coronavirus epidemic. In the financial crisis of 2008, the chairman of the Fed at the time, Ben Bernanke, an academic who had spent decades studying previous financial crises, repeatedly deployed a technique called quantitative easing, expanding the Fed’s balance sheet to buy back U.S. Government bonds on the open market to lower long-term interest rates. The tactic had never before been used by a central bank in a major economy. It worked! and QE was one of the reasons the U.S. recovered smoothly from The Great Recession of 2008 and 2009. The Fed’s response to the Coronavirus crisis is literally 10 times more powerful. Under the $2.2 trillion Coronavirus Aid, Relief, and. Economic Security Act enacted March 27, 2020, the U.S. Government allocated $454 billion to Federal Reserve Bank Special Purpose Vehicles that the central bank can leverage 10 to 1, enabling it to lend up to $4.54 trillion to companies. That’s reportedly more than all U.S. commercial and industrial loans outstanding at the end of 2019 plus all the new corporate bonds issued during 2019 combined! Although this expansion of the Fed’s power has been criticized already as a step toward a centrally planned economy, the government action limits the risk of massive corporate bond defaults. The U.S. led the worldwide economic recovery back from the global financial crisis of 2008, in part because of the Fed’s innovative approach, and Yankee ingenuity, in the form of the Fed’s new tools, is at play once again in fighting the Coronavirus financial crisis. Please contact us with any questions or to set up a meeting firstname.lastname@example.org , and don't hesitate to share this video with people who might benefit from our work
Genevia Gee Fulbright discuss Late Tax Filing Strategies on NPR "Your Money" Segment.
Senior tax strategies, Durham NC,Retirement Savings