Weekly Digests

A huge thanks to my brilliant, loyal, hard working, amazing staff, thanks to your efforts and support we successfully navigated yet another tough tax season.  Now it’s time for a vacation, a few days off, and some relaxing “me and family time”.  I am heading out to Salt Lake City Utah for a short ski week.  Snow in April? Yes this year they recorded over 900 inches this season (approximately 75 feet) with a huge snow fall just 2 weeks ago which caused mountain safety to close the access roads for avalanche protection.  I am determined that next week’s take-away is “Don’t Overdo It” and I come back well rested and in good shape.

This morning we took a short walk so I could finish this blog and my packing…

As my husband David and I increased our morning walk mileage and, with varied terrain, clouds and sun I wanted to share a series of shots I took during this week’s sunrise walks …

Hopefully my team and I will feel refreshed after our 2 weeks of planned alternating time off as we gear up for May and finalizing those extended tax returns and projects that have been put on hold and the rest of you are able to enjoy the great weather forecast for this weekend.

WEEKLY TAKE AWAY

Major deadlines and weeks of long hours can get you stressed, so the best medicine can be to just stop, walk away literally and clear your head.  I remember my kids would actually schedule 15 minute beach walks every hour or 2 and take a quite break to clear their heads.  That’s what Raquel & I did several times this week as we worked up final numbers for tax extensions.  Even yesterday afternoon as we finished answering frantic emails and calls we headed down to the beach.  It was still a bit chilly and windy, but beautiful and just what we needed.

TAX ISSUES/TAX PLANNING

Tax planning- whether you have filed your 2022 tax returns or on extension for this and possibly prior years here is a list important tax documents:

Save a hard copy or digital file of receipts of:

• charitable donations made via check, credit card or cash
• charitable donations from food, toy, clothing or other drives
• capital improvements to your home (this can help reduce future taxes when you sell your home)
• work related expenditures – with so many people working remotely you may be eligible for a reimbursement from your employer or be able to reduce taxes at your state or local level
• ordinary and necessary business expenses – even though you have proof of payment, these receipts can help determine tax treatment or support the expense during an audit

Save a hard copy or digital file of statements of:

• IRA contributions
• IRA withdrawals
• Year-end brokerage account statements and annual forms (1099-INT, 1099-DIV, 1099-Broker)

Changes to Come for EV Tax Credits as the Senate Looks to Propose a New Bill

A new bill being considered in the Senate would increase tax credits for electric vehicles and make them more affordable to consumers while also supporting efforts to combat climate change. Find out which models qualify here.

ECONOMY/BANKING

Many Americans Have No Retirement Funds

More than one-quarter of Americans have no savings for retirement, and many are struggling to understand how much money they will need to live comfortably in their later years.

Apple Launches New Savings Account Feature with a 4.15% Interest Rate and No Fees

Apple has launched a new savings account feature for its Apple Card, which offers a 4.15% interest rate and no fees or penalties for early withdrawals. The competitive interest rate allows cardholders to start earning interest immediately.

Potential Impact on Markets if the US Dollar Loses World Dominance

MarketWatch explores the potential impact on global markets if the US dollar were to lose its status as the world’s dominant currency as other nations begin to challenge its position.

David’s Bridal Files for Bankruptcy as Retail Ourlets Struggle

Bridal retailer David’s Bridal has filed for bankruptcy, becoming the latest in a series of retail companies to struggle in the wake of the pandemic and changing consumer behavior. This is despite one in four brides wearing David’s Bridal to their wedding.

Google CEO Warns of the Potential Impact of AI Acceleration on Society

Google CEO Sundar Pichai warned that society needs to be prepared for the accelerating pace of artificial intelligence and its potential impact on jobs and society as a whole.

GENERAL RESOURCES

• IRS resources for stimulus payments:
  • Use the Get My Payment tool to check on EIP payment status
  • Eligibility and general information about Economic Impact Payments
  • A list of frequently asked questions for stimulus payments
• IRS information about the Advance Child Tax Credit Payments
  • Portal to update information
  • A list of frequently asked questions on the advance Child Tax Credit Payments
• The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
• Our prior blog posts, videos and prior weekly newsletters
• Entrepreneur put together a listing of free tech resources for remote work
• The Consumer Financial Protection Bureau has warnings about COVID-related scams
• The New York Times has an online newsletter on K-12 and higher education
• The Wall Street Journal has a collection of articles on education
• The Louvre has digitized 482,000 artworks from its collection
• How to create a strong password

We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started.

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Contact us if you have any questions or want to discuss the next steps for your business.