Abacus CPA is wishing you all a Happy 4th of July! Whether you're attending a barbecue or thinking of it as just another day, we hope your holiday is full of relaxation. Resetting and recharging are the themes for the month. As we enter our fifth month of social distancing, it's normal to become disillusioned and discouraged at the thought of what lies ahead. However, don't lose faith- our world will look different, but we still have a bright future.
How are you preparing yourself for our new normal? Are you gaining new skills or brushing up on or old ones? Are you thinking about creating multiple streams of income? How will life be different for you post-pandemic?
If you've asked yourself any of these questions, here are articles that
Chat With My CPA is a webinar series where Abacus CPA, LLC is
Taking the Fear Out of Finance.
If you missed the first half of the Mo' Money Mo' Problems webinar series, you don't want to miss the second installment. If you joined last month, let's continue the conversation! This month, we're focused on bridging the gap between understanding generational wealth and implementing the
COVID-19 has brung along a lot of confusion, but it's also provided us the opportunity to turn inward and focus on our personal and financial futures. The time is now for those who choose to take advantage!
The Big Reset: Making Sense of the Coronavirus Crisis
"We're still in the middle of this crisis, so the future isn't fully clear. Will this go on for a few months, or are we going to have health and economic disruption for years? Well regardless of how soon this is over, it's clear we're in the middle of The Big Reset, a new way of thinking
Refund checks can have a significant impact on our finances. If you're expecting a refund this year and looking to reset financially post-coronavirus,
the tips below will be useful:
Pay Off Debt: Sometimes you have to spend money to gain it. Paying off that pesky credit card debt monthly is a hassle, so it might be easier to get it down in one swift payment. Think of it this way- if you pay it all off now, your regularly scheduled monthly payments can go towards other goals of yours.
Start Saving For That Large Purchase: Thinking of buying a house, car, or any other property? You can get a head start on the purchase by saving part of your refund check for it.
Open A High Interest Savings Account: High-interest savings accounts are key in multiplying your money. Some of them pay 20 times the national average amount of a normal savings account.
Invest In Yourself: Have you been utilizing your free time to increase your value? There are many online programs where you can gain certification or simply learn new skills. It's always a good time to expand your expertise. Invest in yourself further by looking into the stock market. The prices to buy stocks are lower right now, making it a good time to get started.
July 4: Everyone- Federal Holiday (Independence Day)
July 10: Employees who work for tips- If you received $20 or more in tips during June, report them to your employer.
July 15: Individuals- File a 2019 income tax return and pay any tax due. If you need a time extension, contact a CPA immediately.
July 15: Corporations- File a 2019 calendar year income tax return
and pay any tax due.
July 15: Individuals- If you are not paying your 2020 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2020 estimated tax.
July 15: Household Employers- If you paid cash wages of $2,100 or more in 2019 to a household employee, you must file Schedule H.
July 15: Corporations- Deposit the first installment of estimated income tax for 2019.
July 15: Individuals- If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file and pay any tax, interest, and penalties due. If you need a time extension, contact a CPA immediately.
July 15 is right around the corner. If you're not ready