Free Money Resources!
Christopher Barker, CFP®, AIF®, MBA
Certified Financial Planner at Maia Wealth
Turn lemons into lemonade with this helpful resource kit.
Many of us are stuck at home trying to figure out our financial future in these uncertain times. Personally as a business owner who is paid almost entirely on the value of the assets I manage for my clients, I have felt a sting in my business! To save you a long lead in, I have listed a number of resources that might be helpful to you and put a little money in your pocket. Even for those who haven't suffered financially there is some free money out there for you to claim!
Unclaimed Money
Everything from life insurance proceeds, rebate checks, or wages that have been unclaimed can be found on either of the two following websites. In my financial planning review meetings I take a minute before the meeting to search for my clients and see if there is anything potentially unclaimed! Some clients have found upwards of $10,000 that was owed to them. Search yourself and see what you find!
Economic Impact Payment
The Federal Government will be issuing direct deposits to all taxpayers in the coming weeks or months. Up to $1200 for individuals and $2400 for married couples plus $500 per dependent child claimed on your taxes. There is a reduction if you have an Adjusted Gross Income of more than $75k or $150k single or married respectively. Remember, AGI is after all of your deductions and tax credits claimed so even if you made more than the income limits, your deductions might result in an income much lower. If you filed taxes in 2019 you must use that number. If you last filed in 2018 use that number. Look back at your tax forms and confirm your AGI and enter the information in the calculator found in the link below! For more information and updates go to IRS.gov/coronavirus to learn more. You need to be sure that the IRS has direct deposit information on file. If you received a tax refund in your last filing and it was direct deposited you should be good. The IRS will be creating a secure portal to update your banking information in the coming days/weeks/months.
ECONOMIC IMPACT PAYMENT CALCULATOR
Business Relief
The Small Business Administration has created a number of programs to help struggling business owners. Even if you aren't a business owner, make sure your employer is wise to their options. The SBA provides consultants and helpful resources to businesses with the end goal of keeping payrolls going. Some programs offer money in the form of loans which need to be paid back and some loans that will be forgiven if the employer follows some guidelines. Some of the programs include Paycheck Protection Program, Economic Injury DIsaster Loans, SBA Debt Relief (if you have an SBA loan now you may qualify for principal and interest payments made by the government), etc.
For a full list of programs available and how to apply click the link below.
SMALL BUSINESS COVID-19 RESOURCES
Tax Deadline Extension
If you believe you will have to pay more money in taxes once you file the normal deadline for filing has been extended to July 15th, 2020. You always have the ability to file for an extension until October 15th, 2020. The problem with the extension deadline is, any owed taxes are hit with a penalty when you file late. The July 15th extension is more beneficial because they are going to treat it as they do the April 15th deadline. Any monies paid on or before July 15th will not be penalized. Click the link below for more information.
Now get our there and find some money! As always, if you have personal questions you would like to discuss one-on-one, feel free to DM me on LinkedIn and we can connect for a quick chat!
Christopher Barker, CFP, MBA