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We provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, children, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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Coronavirus Stimulus Package - Relief for Taxpayers
Posted By:  Rob Lemmons CFP®, CPA, AIF®, CEPA
Thursday, March 26, 2020

Coronavirus Stimulus Package

The Senate's $2 trillion coronavirus-relief bill has several breaks for American workers and retirees. Below are a few of the highlights from the 2020 bill package.

Extension of time to file and pay

  • The IRS has extended the federal tax filing deadline for 2020. Individual federal income tax returns for tax year 2019 are due on or before July 15, 2020. Taxpayers also have an additional 90 days (July 15th) to pay their federal tax bill without interest or penalty.

Hardship distributions from IRA's and 401(k) plans

  • For 2020 only, people effected by the coronavirus would be eligible to withdrawal $100,000 from their retirement savings. If the individual is under age 59 1/2 the typical 10% penalty would not apply. The distributions would be taxable but the taxpayer can spread the income taxes over a three-year period. Additionally, the individual would have the option to skip the tax payments and elect to put the money back in within the three-year period.     
    • In order to qualify, the account owner or spouse or dependent must be diagnosed with the coronavirus or lost income due to a layoff, business closure, quarantine, reduction in hours, or an inability to work due to the lack for child care.

Required Minimum Distributions (RMD's)

  • For those starting at either age 70 1/2 (born before July 1, 1949) or at age 72 (born before June 30, 1949) the government requires them to start withdrawing a set percentage of the account balance each year.
  • For 2020 there is a one-year suspension of the required minimum distributions for any RMD including inherited IRA's.

At Total Wealth planning we help our clients every day answer these important questions and at times stressful questions. Who's helping you?

Financial planning is complex and requires the guidance of a trusted and experienced advisor, such as a fee-only Certified Financial Planner™ (CFP®), who plans comprehensively, and with a complete understanding of your particular concerns and goals in life.

For more information about the financial planning strategies we utilize, please visit us at www.twpteam.com or contact directly Rob Lemmons, CPA, CFP® at 513-984-6696.





 
 
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MANAGEMENT

Our investment management process is focused on helping you maintain financial stability, preventing mistakes and accomplishing your investment objectives. We don’t just focus on market performance or predictions. We focus on what performance means and how it impacts your long-term goals. It starts with returns, but it is about making life decisions. Working together, you gain a degree of confidence when uncertain times come.

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TAX PLANNING

We help you determine how long to work and when to retire to continue your lifestyle. We analyze when and how to take money from your portfolio to replace your paycheck, with an eye on tax efficiency, spending, healthcare and social security maximization. We address the primary concern of having your money last for the rest of your life.




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Our comprehensive planning focuses on real life. It’s putting a date to your goals and steering your life based on analysis, giving you choices and alternatives. You gain the ability to see how reachable your goals are. It starts with getting to know you and the way you want things done to fulfill your needs. We take into consideration your family and all the secondary factors that go into a comprehensive financial plan.


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Total Wealth Planning’s team of Certified Financial Planners® are here to listen to you and your questions. We never want you to feel rushed. The real benefit is having a road map to help ensure the key elements of your financial life are in order.


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