May 2020 Newsletter

Happy Mother's Day

Abacus CPA wants to take this time to honor all the Mom's for all the hard work they put in everyday. No matter what, you rise to the occassion for your families with resolve, determination, & most importantly LOVE.

So as Mother's (and Father's) have you been thinking about what you can do to maintain financial health during quarantine? 

A few tips are revisiting the budget you created, credit card balance transfers, you should even look at developing relationships with a local bank.

The article linked here goes into even more detail.

Mothers, Finance, & Quarantine

You can also come to our event detailed below. 

Come Join Us this Wednesday!!

Chat With My CPA

Chat With My CPA is a webinar series where Abacus CPA, LLC is

 Taking the Fear Out of Finance.

This week we'll be talking about how to manage your money

 in a crisis to assure you're okay!

Our future topics will include: Money Mindset, Investing for the New Investor, 

Building Generational Wealth & more.

Register for the next event here.

Things You Should Know...

Right now, taking care of yourself is imperative and here are a few things we all could do to maintain some peace of mind.

• Take a few moments for yourself, go outside and take a quick walk
• Reconnect with things you enjoy - crafts, puzzles, reading
• Re-decorate that part of the home that needs sprucing
• Meditate. Remember all the beautiful things that have happened over the course of your life
• DIY Face Mask
• Or do absolutely nothing at all, it's okay to be unproductive too! 

5 Smart Money Moves to Make While You Self-Quarantine During Coronavirus

Money Moves

Guide to Emergency Proofing Your Finances

See Here

Economic Impact Payments (aka Stimulus Check)

If you have not received your stimulus check, check your status here: 

Get My Payment

People who receive Supplemental Security Income and Department of Veterans Affairs benefits who have children need to act by May 5 to quickly receive the full amount of their Economic Impact Payment. Those who need to act are those who receive SSI or VA Compensation and Pension benefits and didn't file a tax return in 2018 or 2019

IRS Article

Recent tax law changes have extended or changed many expiring tax law provisions, including: 

• Treatment of mortgage insurance premiums as qualified residence interest
• Reduction in medical expense deduction floor
• Deduction of qualified tuition and related expenses
• Energy efficient homes credit
• Employer credit for paid family and medical leave
• Work opportunity credit
• Special rule for determining earned income  
• Repeal of maximum age for traditional IRA contributions
• Increase in age for required beginning date for mandatory distributions
• Expansion of section 529 plans

Schedule an appointment with Abacus to ensure your taxes are prepared correctly.

May 10 — Employees who work for tipsIf you received $20 or more in tips during April, report them to your employer

May 25 - Memorial Day In Honor of Our Fallen Soldiers

Don't forget

ALL April 15 Deadlines have now been been moved to July 15th.

WWW.ABACUSCPALLC.COM

Abacus CPA, LLC

3340 Peachtree Rd Suite 1010

Atlanta, GA 30324