Tag Archives: health

Emergency planning – key documents, disaster relief and document recovery

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If you have not experienced a disaster, you probably know someone who has.  We have seen numerous posts that suggest steps to take to protect important information as well as ways to rescue or restore information.  The key is planning ahead so you are prepared.   

Therefore, I urge you to review your situation and consider whether you are prepared or need to do more.

You can start by identifying possible hazards and your vulnerability.  If you determine that you are at risk in any way, plan how to respond and recover.  Know your emergency communication options and consider training drills for your family.  The Red Cross has a site with steps for an emergency plan for you and your family.  And there are detailed plans listed by FEMA under planning guides which include risk management.  FEMA even has a preparedness app! 

If you are hit, you may be entitled to disaster relief – check the IRS Disaster Relief page..  The IRS also offers disaster loss workbooks in Publication 584, Casualty, Disaster and Theft Loss Workbook (Personal-Use Property), and Publication 584-B, Business Casualty, Disaster and Theft Loss Workbook. 

Amy Poulton suggests the five key documents to have readily available.  Here is a summary of her post:

1.  Identification Documents – keep these documents in a fireproof, waterproof container (that is her link to Amazon for ideas) or digital copies in a secure cloud storage to ensure they’re safe and easy to access during an emergency. 

2.  Insurance Policies and Emergency Contacts – have access to insurance cards and policies for home, car, health, and life insurance along with emergency contacts.

3.  Medical and Health Information – have current prescriptions, medical history, immunization records and medical directives and powers of attorney. 

4.  Financial Documents – have on hand your bank and credit cards, with access to your tax returns and retirement accounts.  You will also want a current list of key websites with log-in IDs and passwords – you may want to store this “in the cloud.”  

5.  Legal Documents – have copies of  your wills and trusts, deeds and rental agreements, marriage certificates and powers of attorney.  

Organizing and Storing Documents – create a digital folder, back up your documents and share with trusted people.  You can also place digital items on a flash drive to share. 

What if you are hit before preserving your records?  The IRS has a site to visit: Reconstructing Records. 

If you want to make sure you have food and water for a physical disaster, here is one guide to check out to build a kit.  The list includes emergency supplies. 

We all hope to be spared, but it is wise to organize your documents and have a plan in place in case you are not!

Let me know if you have more ideas and good luck!

Steven

CARES Act, Stimulus checks, and other tax law updates

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Keeping in touch during these challenging times …

2019 due dates (tax season is not quite over yet)

The IRS extended all of the following deadlines to July 15th:

  • 2019 return or extension filing;
  • Payment of 2019 taxes due;
  • Q1 2020 estimate payment; and
  • Q2 2020 estimate payment.

Most states have followed the same delayed dates (but not all).  Let me know if you have a question on payment and filing. 

So “tax season” will be over soon, yea!

Stimulus checks and other changes

Many people are asking about their stimulus checks and expanded unemployment benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The Act also has other provisions including tax credits for self-employed affected by Covid-19, student loan payment delays, and relief on mortgage payments and rent.

Of the many posts regarding the stimulus checks and benefits, student loans and 401(k) distributions, here is a good summary from the NY Times. 

If you want to check on the status of your stimulus check, here is the IRS website to find the status or apply for your stimulus check.  If you expect a check that has not arrived, check out the links in this Huffington Post article. 

And if you received a check for a deceased relative (over 1 million were sent!), you need to return it to the Treasury, sorry. 

Small businesses

CARES Act includes benefits for small businesses: Payroll Protection Program loans; payroll deposit delays; and tax credits.  The SBA funds for the PPP ran out initially, but Congress added more funding. 

The key is to file so that the loan is forgiven, so that the funds become a grant.  The forgiven loan is not treated as income.  

If you need more information on these programs, let me know. 

2020 tax law changes

The required minimum distributions or RMDs are suspended for 2020.  This way, you do not need to sell funds at a low to withdraw and may even be able to redeposit funds that you already withdrew. 

The CARES Act waives the 10% penalty for early withdrawals from qualified plans for up to $100,000 for coronavirus-related circumstances. The distribution is taxed over three years. And, if the funds withdrawn are repaid to the plan within 3 years, that is treated as a tax-free roll over.  The act also allows loan from the plan up to the lesser of the vested balance and $100,000. 

For 2020, there is an above-the-line charitable donation deduction up to $300.  This should help charities that are responding to those impacted helping them raise money now.

More Scams and Hackers

Be wary of messages asking for personal information because scams are on the rise.  And be careful working from home, as there are more hacker attempts to gain access via the home connections to companies. 

If you want help dealing with any, let me know.

Personal impact

Being cooped up is challenging, even if it is the best way to stay healthy.  Make sure you practice self-care so you can handle this! 

I hope you and your loved ones are all managing this as well as you can.

If you want to just talk, I would be glad to set up a time, just let me know! 

Thank you, and be well

Steven

Coronavirus – concerns for your health and finances

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This is my busy time, working long hours preparing income tax returns, but I wanted to respond to your concerns.

News of the coronavirus spread and its impact on the economy and stock markets is constant.

People ask: “can I get the virus from a package delivered to me from China” (the answer via the CDC is “no”).

As some say, it’s not “if” but “when” in terms of you being in contact.  That is upsetting.

At that same time, experts ask us all not to panic.  And financial people urge us to stay the course.

If you do not already have a plan, here is a good overview with links to CDC posts on making a plan with your family – NY Times prepare for coronavirus. 

As for the stock market, here is a good NY Times piece discussing the rationale for sticking to your long-term investment plan:  The Market Is Moving. Most People Should Sit Still.

Here is a more sobering assessment:  It’s a ‘Swimming Naked’ Moment: The Financial System Has a Real Test

In the end, if you developed a good long-term investment strategy, staying the course should be the best response as it was in the 2008 financial crisis.

Let me know if you want to talk and I hope you and your family stay healthy!

  • Steven

What we are reading – for laughs, for serious thought and discussion, and just because

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She’s right: This is the Fourth Grader who Asked Obama to put a Woman on the $20 Bill, from BuzzFeed News

Technology: Musk Plots Energy Storage fix Where Utility Industry Failed, from Bloomberg

Humor: Cookie Monster, Life Coach – on YouTube

Health: A 2-Minute Walk May Counter the Harms of Sitting – Even a few minutes per hour of moving instead of remaining in a chair might substantially reduce the risk of premature death.

Language: 20 Common Phrases Even the Smartest People Misuse, from The Muse

Comedy: Penn Jillette’s Big Dumb American Crush on Howard Johnson’s, from Eater

How to Be Emotionally Intelligent – What makes a leader? Knowledge, smarts and vision, but also the ability to identify and monitor emotions and manage relationships. From the NY Times

Comedy: The Man Who Makes the World’s Funniest People Even Funnier. As comedies become increasingly improvisational, they need an editor like Brent White to sew them together. From the NY Times- Quote: “Sometimes you just create a joke out of nothing.”

How Music Hijacks Our Perception of Time, from Nautilus – Quote: “The Royal Automobile Club deemed Wagner’s Ride of the Valkyrie the most dangerous music to listen to while driving.”

What Is Your Purpose? We need to forge new ways to seriously discuss the deepest questions in life with modern tools. This is a start. From the NY Times