Coping with Financial Issues of COVID-19 - Part 26
By Randy Gerard, Personal Financial Counselor
/ Published September 17, 2020
ST. JOSEPH, Mo. --
Here is the schedule of topics for the rest of September. If you would like another topic covered please let me know.
17 September – Developing a Spending Plan
24 September – Stretching Your Money
SOCIAL SECURITY TAX DEFERRAL RAISING QUESTIONS
In order to provide relief during the COVID-19 pandemic, a Presidential Memorandum was issued on August 8, 2020 and guidance followed from Internal Revenue Service on August 28, 2020, to temporarily defer Social Security (Old Age, Survivors, and Disability Insurance (OASDI)) tax withholdings. This change is effective through the end of the 2020 calendar year. For additional information from the IRS, take a look at this website here.
The DFAS website is the primary source for answers to frequently asked questions, policy, and guidance and will be updated regularly as new information becomes available.
In the case of deployed members:
If you are an eligible member who served in a combat zone, the IRS can exclude your income from taxation. Publication 3, The Armed Forces Tax Guide, the authoritative source for all military specific tax matters, covers the Combat Zone Exclusion. Please click here for more detail:
Don’t hesitate to reach out by phone, text, email or ask for a private Zoom session for you or your family members. Be Vigilant and STAY SAFE!
Randy Gerard, PFC
C (573) 415-6934
O (816) 236-3659
This week’s thought: “The Mississippi River and Colorado River will both get you to the ocean, but one gives you a much wilder ride.”
~David Petersen (on the importance of diversification)