Bruce Porter details Coronavirus Aid, (CARES Act) on KOLR 10’s Dollars and $ense show on Ozarks Live

 In Ozarks Live

Bruce Porter details Coronavirus Aid, (CARES Act) on KOLR 10’s Dollars and $ense show on Ozarks Live

 

The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by congress on March 27th. This $2 trillion economic relief package was committed to help protect the American people from the public health and economic impacts of Covid-19.

The CARES Act is helping people all across America now

The CARES Act was able to provide immediate instances to families and business across America. American families are seeing fast and direct relief with payments from the Treasury department. Small Businesses are receiving the Paycheck Protection Program allowing them to maintain payroll and hire back employees who have been laid off.  If you or a dependent have tested positive or your situation meets other criteria related to the pandemic you may be able to have penalties waived if you need to withdrawal from a 401k.

If you have questions about how these changes affect you, setup a phone apt with advisor, Bruce Porter by clicking here.

Tax Extensions and IRA Contribution Extensions

During the Covid-19 crisis other legislation has taken place to assist the economy.  Click here to see how Bruce Porter recommends spending your stimulus check.  People now have until July 15th to file their taxes and make 2019 IRA contributions. The required minimum distribution, (RMD) has been waived for this year.  If you have your distribution automatically setup to disperse, contact your provider to cancel that payment.  You still have the option to take your distribution and covert it to a Roth IRA which may give you additional tax benefits.

For more information on the CARES act click here for our downloadable whitepaper.

By now you have heard of all the additional capital local charities are needing.  The CARES Act also has provisions for additional tax deductions.  Speak to your tax advisor to see if you qualify.

Bruce Porter has been an advisor for over 30 years.  He gives advice and tips weekly on KOLR 10’s Ozarks Live show.  Don’t miss out on our next show, subscribe to our YouTube Channel.

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and The Resource Center are not affiliated companies. Investing involves risk, including the potential loss of principal. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.  This content is provided for informational purposes only. It is not designed to serve as the basis for an individual’s situation. Information and opinions contained herein that has been obtained from third party sources is believed to be reliable however accuracy and completeness cannot be guaranteed. We are not affiliated with or endorsed by the US government or any governmental agency. Insurance services provided by The Resource Center. A Roth Conversion is a taxable event and may have several tax related consequences. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA. 00611163

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