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Coping with Financial Issues of COVID-19 - Part 50

$50 bill as unassembled puzzle on wooden table

$50 bill as unassembled puzzle on wooden table

ST. JOSEPH, Mo. --

Since my last Tidbit (June, #49) there have been significant changes in the market, our community and the world. I hope this issue finds you adapting to the changes and maintaining your mission readiness. I’m currently on the Pony shift so as long as the Wing is on split-staffing I will be on base those weeks Tuesday thru Friday during normal hours. In the event you are part of those experiencing an involuntary retirement please take advantage of my services so that we can make that eventual transition as uneventful as possible. Much of the government-based financial stimulus packages have transpired so if you are still in somewhat of a bind, please reach out so we can get you back on track. As I mentioned in June, be sure to review your LES to determine if fluctuations in income have impacted your income tax withholding. It may be nice to get that big refund check next spring but not if you are living paycheck to paycheck now. The well-received Calendly option has been temporarily (hopefully!)  discontinued per OSD so don’t forget to email, text or call me for a meeting or to schedule a briefing for your area.

This month’s Tidbit will emphasize a couple of summer-specific tax tips from the IRS. Please also remember my Open Topic Zoom sessions on Tuesdays for a chance to just drop in with your question. These will also be on the Wing SharePoint and the Resiliency Team calendar for your reference. I have included the Touch Point schedule for August below. All AFI Touch Points use the MS Teams application. As always, contact me with any additional questions. 

August

  • 8th (RSD) - FTP-Promotion
  • 10th - FTP-Promotion
  • 24th - FTP-Marriage

Tuesday Open Topic Drop-ins: 3rd, 10th, 17th, 24th, 31st

Advance Child Tax Credits
Important changes to the Child Tax Credit will help many families get advance payments of the Child Tax Credit starting in the summer of 2021. The IRS will pay half the total credit amount in advance monthly payments. You will claim the other half when you file your 2021 income tax return. Please access this link for more information.

Summer Employment and Side Gigs
During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes. Not all the money they earn will make it to their pocket because employers must withhold taxes from their paycheck.

For more details, follow this link:

Summer Employment
https://www.irs.gov/newsroom/tax-tips-for-students-working-summer-jobs

Side Gigs
https://www.irs.gov/businesses/gig-economy-tax-center

Don’t hesitate to reach out by phone, text, email or ask for a private Zoom session for you or your family members. Be financially proactive and STAY SAFE!

Randy Gerard, PFC
C (573) 415-6934
O (816) 236-3659
pfc.rosecrans.ang@zeiders.com

This month’s thought: “Happiness is like perfume; you can’t drop it on others without getting some on yourself.” ~motivational speaker Keith Harrell