The current market conditions are constantly changing and so are businesses; however, some of these
changes in business operations are here to stay. That is why we believe the following sectors will benefit
from this long-lasting shift:
While we still remain cautious, we will opportunistically enter these types of sectors as we expect them to
perform well in the changing business environment.
If you owe Federal or State taxes for 2019, the payments are due Wednesday (2 days from today), July
15th. If you sent in checks or have chosen to have the funds automatically debited from your checking
account, please check your checking account balance and make sure you have sufficient funds to cover
the debit. If not, please let us know TODAY (Monday) so that we can transfer the funds to your checking
account in time. Tomorrow will likely be too late, as your bank tends to hold the funds for at least 24 hours
upon receipt. Keep in mind your first estimated tax payment is also due Wednesday, July 15th, so be sure
this has been scheduled or completed as well. As always, we are here to help.
The SECURE Act allows families to take tax-free 529 plan distributions for student loan
repayment. Principal and interest payments toward a qualified education loan will be considered qualified
529 plan expenses; however, the portion of student loan interest that is paid for with tax-free 529 plan
earnings is not eligible for the student loan interest deduction. The law includes an aggregate lifetime limit
of $10,000 in qualified student loan repayments per 529 plan beneficiary and $10,000 per each of the
beneficiary’s siblings. Siblings may include a brother, sister, stepbrother, or stepsister. A 529 plan account
owner may change the 529 plan beneficiary at any time without tax consequences.
Several social media posts have been warning of recent software updates that enable contact tracing
capabilities on both Apple and Android smartphones. Formally referred to as exposure notifications, Apple
and Google released a joint statement clarifying that this new technology, designed to better communicate
potential exposures, is up to each person to opt-in. That means you have not been automatically signed
up to provide access. Exposure notification software is in its infancy and its success remains to be seen
as it presents issues around privacy concerns, location accuracy, and general user participation. For more
information, check out this visual guide on how smart phone contact tracing works and how to opt in or out.
COVID-19 has changed our daily lives in many ways and has most likely affected this year’s summer
vacation. We may not travel as far or to the destinations we originally had planned but we still should get
out, explore, and enjoy ourselves while being safe. Here is a link to the CDC’s considerations for travels. If
you, like many of us, had to postpone or cancel a trip and are unsure what to do, here is an article from
Business Insider on safer ways to vacation during the pandemic. After being confined to your house for
the last couple of months a Staycation might sound like a nightmare but if planned well could bring you and
your family a new appreciation for your home and community. Here are 25 awesome Staycation ideas to
As always, we are here as a resource for those that you care about and for. If you are worried that your
family and/or friends may have been given improper financial guidance or are losing their hard-earned
assets, we are available for a free second opinion or guidance to make sure they stay financially safe.
Be well and have a wonderful week!