Weekly Digest – July1st 2022; Happy Birthday USA!

Happy Birthday USA!

I am expecting many are planning bar-b-ques, picnics and outings with family and friends. I hear the weather will cooperate and we can enjoy the weather, those friends and family as we watch spectacular fireworks.

I am currently recuperating from hip replacement surgery so I will keep this week’s update short and sweet and lead right into this week’s take-a-way:

WEEKLY TAKE-AWAY

“Never underestimate the importance of having the right advocate for the occasion, even a stranger may be the right choice”, and “alternatively try to advocate for others when you see a need”. As an independent person restricted to a hospital bed and “labeled a flight risk” I was so grateful for my roommate and she for me. We planed our most basic “asks” upon when a caregiver entered our room for a quick vitals check or to deliver our meals. I awoke mid-morning after surgery to horrendous pain, pushed the call button and waited, I started crying and said “I cant take it any more”. My roommate sprang into pushing her call button and screaming that we had an emergency. Help showed up immediately with an IV injection of some meds that took away the pain instantly. Thank you Daniella, you were a great roommate, best wishes for a speedy recovery.

TAX ISSUES/TAX PLANNING

Please check back next week or check out my weekly newsletters from the past few weeks as they include some very important information for you and your business.

FOR OUR GRADUATES

As you circulate at this weekend’s gatherings, feel free to use this line “thanks so much I really appreciate your advice”, and remember to smile and don’t roll your eyes!

ECONOMY

More Than Half of All Americans Are Living Paycheck to Paycheck

A new report shows that 58% of Americans are barely covering the cost of living as inflation reaches 40-year highs. Even 30% of those earning over $250,000 per year are living paycheck to paycheck.

Unfortunately this is not new news, in November 2018 I participated in an project as a member of the Intuit Tax Counsel. We were tasked with solving this “Problem Statement”: How can technology and advisors combine to help non-business clients achieve their financial goals and power prosperity?
Our pre-reads alerted us to the statistics showing that many working individuals have little or no savings. Even back then many families were living paycheck to paycheck and had either a non-existent or tiny financial security net. Our group pondered these issues and, as we worked up possible solutions coined the term “Accounting Sherpa”.

With the help of a local artist we depicted the problem, solution and goal in this illustration:

Just a few months latter many felt the effects of the partial government shutdown, which caused many government employees who stopped receiving paychecks to be so strapped for liquid funds for their next rent or mortgage payment. Fast forward to 2020, 2021 and 2022 with government stimulus funds exhausted, having an Accounting Sherpa to help them prepare for the unexpected would have enabled them to feel more secure!

Air Travel Woes Explained

The Atlantic’s Derek Thompson interviews Scott Keyes, the founder of the Scott’s Cheap Flights newsletter, about why air travel has been such a mess this summer.

Processing Returned Items May be Too Expensive

As supply chain and shipping issues continue, some of the big box chain stores are considering allowing you to just keep the items you would regularly return along with your refunded money.

Home Sales Make a Surprising Rebound

Pending home sales rose slightly in May, breaking a six-month streak of declining demand. Sales were still 13.6% lower than in May 2021.

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 Covid-19 Resource Center with relevant blog posts, videos and prior weekly newsletters
Payroll, HR and benefits company Gusto has put together An Employer’s Guide to Navigating the Coronavirus
Accounting Today has a special page for articles on COVID-19
Intuit QuickBooks has a dedicated page to help small businesses
Entrepreneur put together a listing of free tech resources for remote work
The Consumer Financial Protection Bureau has warnings about COVID-related scams
Fast Company has a listing of the best productivity apps for 2020
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
PC Magazine explains how to carry your vaccination card on your phone
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 all in this together!

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.

Weekly Digests