Coping with Financial Issues of COVID-19 - Part 5
By Randy Gerard, Personal Financial Counselor
/ Published April 21, 2020
ROSECRANS AIR NATIONAL GUARD BASE, Mo. --
Continued good health and safety to all of you! Following is this week’s list of financial ideas or strategies that might help you during these extraordinary times.
I. 2019 Taxes - No sense filing them before the extended filing date of July15, 2020 unless you are getting a refund. Otherwise, the extension is there to hopefully allow more time to save for payments due, no penalties or late fees. https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
II. Employment – If you (or your have regular, almost full income realize that this is a great opportunity to build up your spouse) still cash reserves since your activities and hopefully spending has decreased significantly under current “stay at home” orders. The standard recommendation is 3 months of monthly expenses but you can certainly see in this current environment why I strive to have members attain 6 months or more. It might be “lazy money” but its value is immeasurable when needed.
III. If un/underemployed make sure you apply for state allowed benefits. The agencies are probably overwhelmed right now (326,000 MO; 158,000 KS in last 4 weeks) but apply anyway in case you can be awarded some weekly offset to your income loss.
IV. CARES Act benefits – Economic Impact Payments are being processed, some I have talked to have already received their checks based on your filing status for 2018/2019 and an AGI threshold of $75,000 ($150,000 MFJ, $112,500 HOH). The benefits are $1,200 for each adult and $500 for each qualifying child
V. Small Business Owners – There are several additional benefits under this Act that helps with loans (Paycheck Protection Plan is currently out of money as of this posting, but could be refunded), payroll taxes and employee retention credits.
If you have any questions or need help deciding what to do, contact me so I can help!
C (573) 415-6934
O (816) 236-3659
Quote for the Day: “It is not true that I was the first 77-year-old to leave Florida in something other than a Winnebago.” –astronaut/senator John Glenn (referring to his last space flight)