Coping with Financial Issues of COVID-19 - Part 7
By Randy Gerard, Personal Financial Counselor
/ Published May 13, 2020
ROSECRANS AIR NATIONAL GUARD BASE, Mo. --
Keep up the great job! Through everyone’s conscious vigilance looks like we might turn the corner by the end of the month! Many virtual sessions are scheduled for the May drill weekend, so be sure to attend as your Resiliency Team will be participating. Contact me if you have any questions on the following:
- IRS Form 2106 - Unreimbursed Employee Business Expenses: While generally familiar with this I’m sure, just a reminder since we have the tax filing extension to note the these facts if you drive more than 100 miles to attend (future J) drills:
- Missouri per diem (search zip code 64503 for Buchannan Co.)– (travel days @ 75%)
- Kansas per diem
- Mileage rate is .58/mile (be sure to count all RSDs and your annual training)
- From form 2016, Line 10 (total expenses), enter on Schedule 1, Section II, line 11
- Total all Adjustments to Income in Section II, Line 22, and enter on line 8a of 1040
- This is an above the line deduction, you don’t have to itemize to take the deduction! And, if you missed this in the past, you can amend your return 3 years back!
- Paycheck Protection Plan – I truly hope you all saw my earlier email posted about the new funding of this portion of the CARES Act that helps small business owners maintain payroll temporarily for their employees. Here’s the link again to apply if you still need to, and hopefully they have put some protection in this phase to get more money to the smaller businesses.
- Stating the much used phrase “unprecedented environment” it comes to mind that this is truly a time to take stock in your finances and commit to developing a sound, flexible plan going forward. Dave Ramsey in a recent video called it a “wake-up call” so that we can commit to “never having to do this again” where he was referring to making really hard decisions like taking retirement plan withdrawals, selling household property, etc. To that end, here is another Dave Ramsey article, “Do’s and Don’ts” that might help.
- Change in Weekly Zoom Sessions – Starting next week I have decided to modify my weekly Zoom offerings to include a specific briefing each week. On Tuesday’s I will retain a drop-in session but will reduce it to 1-hour from 1:00-2:00. On Thursday’s I will still have a 2 hour session but the first hour will be a specific briefing with a 1-hour Q&A following. Watch your Wing calendars/emails (not sure the exact medium right now) for the topics. Contact me for the link.
C (573) 415-6934
O (816) 236-3659
Quite apropos with the current market: “The Mississippi River and the Colorado River will both get you to the ocean, but one gives you a much wilder ride.” ~David Petersen (on the importance of diversification)