A collection of information to help you through the COVID-19 pandemic.
“We’re very optimistic about the future. We believe in America. We believe in the entrepreneurial spirit and we look forward to working with you.”
As many of you already know the tax deadline has been moved to July 15, 2020. In addition, payments normally due April 15, 2020 for tax year 2019 or first quarter of 2020 are now due July 15, 2020. Please refer to the PDF, Tax Extension Update, for more details. This does not apply to states automatically. However, this past week, Ohio has extended state and local filing and payments until July 15, 2020. This link is a resource the AICPA is updating for each state as new information comes out. https://www.aicpa.org/content/
More than $2 trillion in economic relief was unanimously approved by the House and Senate.
For individuals, the big piece is the direct payments that will be distributed by the federal government and the expansion and increase of Unemployment Benefits. Please refer to the PDF, CARES for Individuals, for details on both.
For business, the big piece is the Paycheck Protection Program (“PPP”) loans. These loans are intended to allow small businesses to keep employees, while continuing to pay rent, utilities, and other debt services. Please refer to the PDF, Paycheck Protection Program, for details. There are a few other provisions for businesses that are highlighted in the PDF, CARES for Business.
At WEALTHSTONE ADVISORS, we utilize 6 Key Foundation Stones to guide our clients through rough terrain. During Q1, we used our disciplined approach to rebalance portfolios and we conducted tax loss harvesting where it was most applicable. Rebalancing is designed to maintain appropriate risk weightings and tax loss harvesting helps us “Control what we can Control” by reducing future tax expenses for our clients.
The Cost of Trying to Time the Market
The impact of missing just a few of the market’s best days can be profound, as this look at a hypothetical investment in the stocks that make up the S&P 500 Index shows. Staying invested and focused on the long term helps to ensure that you’re in the position to capture what the market has to offer.
WEALTHSTONE ADVISORS’ Frequently Asked Questions
Why can’t you time the market? Why don’t you make tactical allocations? Has technology fundamentally changed the market and the way it should be valued?
Read this PDF to learn the answers to these and other questions.
Update on the Family First Coronavirus Response Act
This act really focuses on covering people that contract COVID-19 or who must take off work because of quarantine or school closures.