March saw it all, the Good and the Bad!

March saw it all, the good and the bad.  From the all-time high in the stock market on February 19th to the low for 2020 on March 23rd, the market lost 33.9% of its value.  Never has the market declined that much in such a short time.  The market moved rapidly from a correction to a bear market in March.  This period was followed by a rally of 17.5% off the … [Read more...]

What can I do if I can’t file my income taxes by April 15, 2020?

The IRS announced on March 21, 2020 that the 2019 federal tax filing deadline is extended from April 15 to July 15, 2020.  In addition, federal tax payments due on April 15, 2020 are deferred to July 15, 2020, regardless of the amount, with no penalties and no interest.  This federal extension applies to individuals, trusts and estates, corporations and … [Read more...]

Required Minimum Distributions are Waived for 2020

The CARES Act, which was signed into law on Friday, March 27, 2020, provides broad relief to IRA owners over 70 ½ who normally are required to take a minimum distribution from retirement accounts annually. The provision covers distributions from IRAs, SEP IRAs, and SIMPLE IRAs as well as 401(k), 403(b) and 457 plans.  No distribution will be required in … [Read more...]

The Market and the Coronavirus

The purpose of a risk management plan for your investments is to know in advance what steps you will take, if any, when the market declines.   The market goes up and down on a regular basis, but down moves that approach 10% are concerning to investors. The market was overdue for a pullback following a strong 2019 and the Dow rising even more to cross … [Read more...]

February Wise Women Meeting

If you have not yet reserved your seat for our February Wise Women luncheon give us a call today. You do not want to miss this presentation.  We will share strategies to benefit from the two most recent tax law changes in 2017 and 2019 to reduce your tax liability.  The less tax you pay the more money in your pocket. How do you know if you should use a … [Read more...]

How to Protect yourself against Phone Call and Email Scams

The #1 Financial Scam against seniors is the Social Security scam.  It is very easy to become a victim.  The Department of Justice is cracking down on robo calls but the calls continue to increase. One of the latest scams is a phone call that your social security number is being suspended due to suspicious activity.  You are instructed to call right away … [Read more...]

Market Rebounds from January Sell-Off

The market began on a high note on the first trading day of the year with the Dow closing at an all-time high of 28,868 on January 2nd.  The momentum that began in October continued through the 17th of the month with a close on the Dow of 29,348.  Crossing the 29,000 mark in January for the first time ever was a noteworthy event.   By January 17th the Dow … [Read more...]

What is the best way to save for a child’s college education?

529 Plans are great savings and investment vehicles to grow money for your children’s education.   529 plans are established by each state.  Contributions are not tax deductible for federal income tax, but many states, including Virginia, offer their residents a deduction from state income tax.  Earnings grow tax free for both federal and state income taxes … [Read more...]