Tuyyo Planning Group

If you received unemployment in 2020 you may want to wait a little to file your tax return (but still before April 15th). You could avoid having to amend your return if you file after this is possibly passed.

New Bill Aims To Eliminate Taxes On Up To $10,200 Of 2020 Unemployment Benefits Proposed legislation introduced yesterday would remove taxes on up to $10,200 in unemployment aid for the 2020 tax filing year.

Federal student loan payments can be suspended for 60 days and receive a temporary 0% interest rate. * If you need help applying let us know.

Delivering on President Trump's Promise, Secretary DeVos Suspends Federal Student Loan Payments, Waives Interest During National Emergency | U.S. Department of Education WASHINGTON — U.S. Secretary of Education Betsy DeVos announced today that the office of Federal Student Aid is executing on President Donald J. Trump's promise to provide student loan relief to tens of millions of borrowers during the COVID-19 national emergency.

IRS and Treasury have extended when your 2019 Tax payments are due by. The new date is July 15 2020 vs April 15 2020. This only applies if taxes due are less than $1 million.

Please know you still have to File your tax return for 2019 by April 15 2020. The filing deadline was not extended, just the deadline to pay your taxes. You can still file for a 6-month extension, like always though.

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak | U.S. Department of the Treasury About Treasury General Information Role of the Treasury The Secretary Officials Organizational Chart Orders and Directives Offices Domestic Finance Economic Policy General Counsel International Affairs Management Tax Policy Terrorism and Financial Intelligence Inspectors General Bureaus Alcohol and....

Strategies we use to add value during markets like these for people accumulating wealth or those retired(ing). Reach out to us if you have questions or want to talk through some of your current concerns.

ACCUMULATING WEALTH:
1. Tax-Loss Harvesting

2. Funding goals while market is “on sale”.

3. Evaluate possible mortgage refinance.

4. Use taxable brokerage accts to fund possible tax free college 529 plans.

5. Maximize yield on Cash Reserves.

6. Reduce your tax liability by making deductible IRA contribution before 4/15.

7. Rebalancing your portfolios that may be overweight/underweight.

8. Listen, listen, listen to your concerns and help you make decisions that are in your best interest.

RETIRED OR RETIRING:
1. Managing Sequence of Return Risk by using our established “War Chest” of cash reserves to draw income during bear and recessionary markets.

2. Building and executing a Withdrawal Policy Statement that gives guidance on how to safely withdrawal retirement income through various accounts.

3. Tax Planning by evaluating possible Roth IRA Conversions.

4. Rebalancing portfolios

5. Possible mortgage refinance to free up more cash flow and reduce interest paid.

6. Listen, listen, listen to your concerns and help you make decisions that are in your best interest.