Per the Los Angeles Times on 3/20/2020, tax filing and payment deadlines for 2019 Federal and State of California have been pushed out to 7/15/20. Estimated Payments usually due in April and June of 2020 have also been pushed out to 7/15/20 by both the IRS and the California Tax Franchise Board. "Individuals can delay payments of up to $1 million in taxes and corporations can defer payments of up to $10 million until July...
Coronavirus & More The 24-Hour News Cycle moves from Impeachment to COVID-19 to the Primaries – What’s next? Provided by Peck Financial Advisors In recent weeks, we’ve seen several major stories in the news. On the political front, in addition to the arrival of the presidential election through the 2020 caucuses and primaries, we have just experienced the third presidential impeachment in American history. In international news, the latest coronavirus outbreak has hit China, now...
New I.R.S. Contribution Limits A look at the maximum amounts you can put into retirement accounts this year. Provided by Peck Financial Advisors The I.R.S. announced the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at them. *In 2020, you can put up to $6,000 in any type of IRA. The limit is $7,000 if you will be 50 or older at any time...
ABLE Accounts for Loved Ones with Disabilities More families should know about these tax-advantaged savings vehicles. Provided by Peck Financial Advisors Families with special needs children have a new tax-deferred savings option. The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states rather than the federal government. These plans...
How to thaw a credit freeze. Provided by Bankrate.com Freezing your credit is an excellent way to protect yourself against identity theft in a world where data breaches and hacks are becoming more and more common. During the 2017 Equifax data breach, for example, over 140 million Americans had their personal information exposed. Freezing your credit reports can help prevent identity thieves from using leaked personal information to apply for credit in your name; if...
In this month’s recap: As 2019 ends, the U.S. and China agree to a phase-one trade deal, and stocks, gold, and oil all advance. Monthly Economic Update Presented by Peck Financial Advisors , January 2020 THE MONTH IN BRIEF Stocks rallied in December, closing out a decidedly positive year on Wall Street. The S&P 500 added another 2.86% last month, rising 28.88% for 2019. What helped the market? The trade dispute between the U.S. and...
Why are people more afraid of flying than driving, even though car wrecks are far more frequent ? As one academic suggests , “in a car, at least I know when to brake. In a plane, I have no control.” This might also explain why many investors want to hit the brakes if they fear a market downturn is on the way. We’ve got no control over when the next one may occur, or how...
You may have missed the news – buried in a much bigger spending bill, and passed in the holiday season. On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The SECURE Act provides a mixed bag of incentives and obligations for retirement savers and service providers alike. Its intent is to make it easier for families to save more for retirement. That said, “easier” doesn’t...
You, Your Financial Well-Being and the Federal Reserve Beginning in December 2016, the U.S. Federal Reserve (the Fed) had been gradually ratcheting up the federal funds rate, until it reached its December 2018 level of 2.25–2.50% . Effective August 1, 2019, that changed: The Fed lowered the federal funds rate by a quarter point, to 2.20–2.25% . Even though the announcement was not a huge surprise, it was the first rate decrease since the thick...
Managing finances properly is mainly common sense. While we’ve all made financial mistakes, most of those mistakes are easily rectified, particularly when promptly corrected. However, there are some financial decisions that can be much harder to recover from. Here are just a few of them: Spending more than you make. This usually occurs when overusing credit cards. The temptation is there, particularly for those fresh out of college, to use credit cards to pay for...
Most consumers typically have both a credit card and a debit card. Of course, the biggest difference between the two is that a debit card will immediately take money out of your bank account when used, unlike a credit card, which will pay for the purchase and later add the amount of the transaction to your monthly statement. But are there any other differences between the two? It turns out that there are some major...
Who Are They? Financial fraudsters are after your assets. Identity thieves steal your personal information (often to then commit financial fraud). What Do They Want? Your Money and Your Life Social Security Numbers, passports, driver’s licenses, and similar identifying information. Financial account and credit card numbers. Passwords (or insights about you that help them guess at weak ones). Your and family members’ contact information (name, address, phone, e-mail). Your and family members’ birth dates. Details...
