Mark DiOrio, CFA, Chief Investment Officer at Brookstone Capital Management, shares his 3rd quarter market outlook on this quick zoom presentation. CLICK HERE Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Carla Merlak/Merlak Tax Advisory Group, Inc. are independent of each other. Insurance products and services [...]
The IRS published a notice stating the Notice 1444 that was mailed to you showing your Stimulus payment benefits is an important document to keep with your 2020 tax documents. This will be used to reconcile the amount you received AND especially important if you feel your payment was inaccurate. CLICK HERE to read the [...]
A strong force in the housing market: single women Jerry DuPaw of Guaranteed Rate shared a great article: READ FULL ARTICLE Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Carla Merlak/Merlak Tax Advisory Group, Inc. are independent of each other. Insurance products and services are not [...]
Ease your mind about financial uncertainty: When it comes to your financial security, providing you the tools, resources and education to make the best decisions has always been my priority. We are all feeling the stress during these times of uncertainty but it is different for each person. You may be worried about health issues [...]
CARES Act – Unemployment Unemployment Benefits - Unemployment insurance provisions now include an additional $600 per week payment to each recipient for up to four months, and extend UI benefits to self-employed workers, independent contractors, and those with limited work history. The federal government will provide temporary full funding of the first week of regular [...]
CARES Act – Student Loans Student loan borrowers now have more benefits to consider when planning for the potential financial impact from coronavirus. A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020. These suspended payments [...]
CARES Act – Charitable Contributions What changed: The CARES Act includes three major changes to charitable giving. The first change relates back to RMD suspensions for 2020. You can still do a qualified charitable distribution (QCD) of up to $100,000 from your IRA to a qualified charity in 2020. The direct distribution to a charity would not show [...]
IRA Distribution Exceptions – New coronavirus-related distribution exception What changed: A coronavirus-related distribution is one that is made after January 1, 2020 and before December 31, 2020 for an individual or their spouse who is diagnosed with COVID-19 or if they experienced adverse financial consequences caused by the coronavirus, such as being laid off, having hours [...]
Required Minimum Distributions What changed: Perhaps the biggest retirement-related change the CARES Act made was suspending all required minimum distributions (RMDs) from retirement accounts for 2020. These accounts include 401(k)s, inherited retirement accounts, 403(b)s and 457(b)s. The provision is very broad and is not a push off to 2021 – you will not have to take [...]
The CARES Act and 401(k) loans (and other defined contribution plans) What changed: Many 401(k)s and other defined contribution plans allow participants to take out a plan loan of up to $50,000 or half of their own vested account balance. Typically, loans are then repaid over a five-year period through payroll deductions. The CARES Act made [...]
