Plodder Podcast: Recent Episodes
Eric Hagen
Would you like to know the secret to prosperity? Hi, my name is Eric and the good news is, I have the answer. The bad news is, it’s not any one thing; the secret to prosperity is in every decision you make. The Bible calls it steady plodding. I call it common sense. Join me on this podcast as I try to inspire you to make your next financial decision, and the one after that, a good one.
Securities and investment advisory services offered through NEXT Financial Group, Inc. member FINRA/SIPC. Capital Consulting Group, Inc. is not an affiliate of NEXT Financial Group, Inc.
Concerns that the Fed may raise interest rates soured investor sentiment, sending stocks lower in a holiday-shortened trading week.
Stocks fluctuated last week, jostled by fitful bond yields and headline news, before ending strongly following Fed Chair Powell’s comments on the monetary outlook.
Stocks extended their August declines last week as higher yields and weak economic data out of China soured investor sentiment.
Positive inflation data failed to lift stocks from their August doldrums last week as economic data and a ratings downgrade soured investor sentiment.
Stocks retreated last week as bond yields increased following the Treasury's announcement indicating “a larger-than-expected funding need” and a downgrade in the federal government’s debt rating.
A Friday surge pushed stocks solidly into positive territory last week, ignited by cooling in an inflation gauge closely tracked by the Federal Reserve.
Stocks moved to the rhythm of earnings season last week, initially rising on positive earnings surprises and faltering later in the week on key earnings disappointments.
Better-than-expected updates last week on consumer and wholesale price inflation buoyed investor sentiment, driving stocks higher and lower bond yields.
Rising concerns about further rate hikes sent stocks lower to kick off the second half of trading.
Stocks posted gains for the week to close out a stellar month, aided by positive economic data and reports that all major banks had passed the Federal Reserve’s annual stress test.
Stocks climbed last week as reassuring inflation data boosted investor hopes that the rate-hike cycle was nearing an end amid fresh economic data pointing to continued economic resilience.
A late-week rally sent stocks into positive territory, with the S&P 500 index closing just shy of the 4,300 mark.
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LinkedIn YouTube Facebook Stocks surged higher in the closing days of a holiday-shortened trading week, ignited by a political resolution on raising the debt ceiling and a strong employment report.
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LinkedIn Facebook YouTube Markets moved in sync last week with perceived movement in debt ceiling talks, weakening early in the week and then surging on news of progress.
✔️ Get Invested Right | Give your life-savings the attention it deserves with our fiduciary approach to personalized investing: www.SmartMixPortfolios.com
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LinkedIn Facebook Youtube Stocks rallied last week, propelled by growing optimism over reaching a deal on raising the debt ceiling and avoiding a technical debt default by the U.S.
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LinkedIn Facebook YouTube Stocks were mixed last week as good inflation news was offset by mounting debt ceiling concerns and rekindled regional banking fears.
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LinkedIn Facebook YouTube Strong earnings from several mega-cap technology companies offset renewed regional banking jitters and weak economic data, leaving stocks higher for the week.
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LinkedIn Facebook YouTube Twitter Stocks remained resilient last week amid mixed earnings reports, hawkish Fed-speak, and lingering recession fears, closing out the five trading days with small losses.
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Presented by Eric Hagen | online at EricHagen.proProtecting our personal information online is a given, but sometimes it’s easy to forget that the threat of “paper” identity theft is still very real. We’d like to help.
Shred-it Month
In a continuing effort to help protect you, we are inviting you to participate in our complimentary shredding month.
Throughout the month of May, bring your unwanted and unneeded documents to our office & we’ll take care of shredding them for you. It’s that easy.
Keep It or Toss It Guide
Not sure what documents to keep & what documents to toss? We put together a handy “Keep It or Toss It” guide to help you – you can get a complimentary copy by clicking here: http://free.investwithccg.com/keepitortossitguide (or copy & paste the link in your browser)
Make the Most of May
Bring your unwanted and unneeded documents to our offices anytime during the month of May – normal office hours are 8:30am-4:30pm Monday-Friday.
Hope to see you soon-
Eric, Dan, Raana, Tom, Jon, & Marilyn
A look back on our 2021 event
CAPITAL CONSULTING GROUP | 6640 SHADY OAK ROAD, SUITE 200 | EDEN PRAIRIE, MN 55344
952-540-0153 | CONTACT@INVESTWITHCCG.COM
Complimentary shredding offer for personal use only – not for commercial use.
Securities and investment advisory services offered through NEXT Financial Group, Inc., member FINRA/SIPC. Capital Consulting Group, Inc. is not an affiliate of NEXT Financial Group, Inc.
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The combination of an improving inflation outlook resulted in a week of uneven, albeit positive, performance, in which cyclical and financial stocks rallied while technology, real estate, and utilities lagged.
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I recently put $25k into the stock market & I'm working to grow it to $1M.
Join me for a short 1st quarter 2023 update - I'll show you exactly what I'm invested in, how it performed the first quarter of 2023, and more.
✔️ Join the community - I’ll invest your life-savings the same way I invest my own money; see if you qualify at www.InvestLikeEric.com.
✔️ Upcoming Webinar - “Watch me Grow a $25k Account Into $1,000,000… AND, Learn How to Easily Copy Me Even if, You Know Little to Nothing About Investing”. RSVP at www.InvestLikeEric.com
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Stocks ended a shortened week of trading mixed amid revived recession fears on Wall Street triggered by weak economic data.
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Stocks rallied last week on receding fears of a widening banking crisis, led by resurging investor interest in technology and communication services names.
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Modest gains in major market indices masked sharp volatility amid the uncertainty arising from mixed messages emanating from public officials and revived banking fears.
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In this weeks update: Amid the reverberations of two U.S. banks being taken over by regulators and the spread of uncertainty to European banks, stocks trended higher last week on the strength of the technology sector.
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In this weeks update: Stocks tumbled last week as investors reconsidered their interest rate expectations after Fed Chair Powell’s Congressional testimony that rates may need to go higher.
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In this weeks update: A late-week surge, triggered by reassuring Fed-speak, propelled stocks higher last week.
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In this weeks update: Concerns over a firmer monetary policy were heightened by fresh economic data, touching off a climb in bond yields and a slide in stock prices last week.
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In this weeks update: Growing concerns about further interest rate hikes, prompted by fresh economic data, reversed early-week gains and left stocks mixed for the week.
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In this weeks update: Stocks drifted lower as a week of mixed earnings reports and resurgent worries over Fed monetary policy dragged on investor sentiment.
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In this weeks update: Stocks were mixed last week following better-than-expected corporate reports and increasing optimism over a slowdown in interest rates.
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In this weeks update: Stocks added to their early 2023 gains amid a busy stream of mixed corporate earnings results and conflicting economic data.
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In this weeks update: Stocks showed mixed results last week as recession fears resurfaced in response to weak economic data and a tepid start to a new corporate earnings season.
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In this weeks update: Stocks rallied last week thanks to fresh confirmation of inflation’s cooling trend and growing optimism that an inflation slowdown may provide the Fed with space to ease up on future rate hikes.
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In this weeks update: New Year’s rally in reply to positive economic news.
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In this weeks update: During a holiday-shortened week, erratic trading left stocks marginally down for the week.
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In this weeks update: Hawkish comments by the Fed and weak economic data heightened investors’ recession concerns and sent stocks lower last week.
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In this weeks update: Recession fears and concerns that the Fed may consider a longer rate-hike cycle sent stocks lower for the week.
✔️ Get the same fiduciary investment management once reserved for our multi-million dollar clients if you've saved $25k+: www.SmartMixPortfolios.com
✔️ See your entire financial situation today, as well as every year into the future: www.ClearFinancialFuture.com
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In this weeks update: Stocks ended higher last week as investors navigated the crosscurrents of a potential easing in future rate hikes and continued strength in the labor market.
✔️ Get the same fiduciary investment management once reserved for our multi-million dollar clients if you've saved $25k+: www.SmartMixPortfolios.com
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In this weeks update: The stock market edged lower last week as it digested a crosscurrent of conflicting economic data and contrasting comments from Fed officials.
In this weeks update: A cooling inflation number ignited a powerful rally on Thursday, sending stocks to strong gains for the week.
In this weeks update: Hawkish comments by Fed Chair Jerome Powell, following the announcement of another 75 basis points interest rate hike last week, cast a pall over financial markets, sending yields higher and stocks lower.
In this weeks update: Stocks overcame poor earnings results from some of America’s largest companies to post gains last week as investors cheered positive earnings surprises, easing inflation and a rebound in economic growth.
In this weeks update: A positive start to a new earnings season and late-week hopes for a near-term easing in Fed rate hikes lifted investors’ spirits and powered stocks to gains for the week.
In this weeks update: Stocks were mixed amid wide intra- and inter-day price swings, as technology shares bore the brunt of the downdraft.
In this weeks update: Rising recession fears and uncertainty in the bond and currency markets sent stocks to new 2022 lows last week.
In this weeks update: Fed Chair Powell said the U.S. would not tame inflation without economic pain. This week heightened recession fears and sent stocks broadly lower.
In this weeks update: A hotter-than-expected inflation report sent stocks sharply lower last week as investors faced the prospect of more aggressive interest rate hikes by the Federal Reserve for perhaps a longer period.
In this weeks update: stocks posted healthy gains despite more tough talk on monetary policy from Fed officials.
In this weeks update: Stocks tumbled on Friday, sending stocks to a weekly loss after an otherwise quiet August week of trading.
Stocks rallied last week as investor spirits lifted thanks to a better-than-expected start to the second-quarter earnings season.
Across the country, people are saving for that “someday” called retirement. Someday, their careers will end. Someday, they may live off their savings or investments, plus Social Security. They know this, but many of them do not know when, or how, it will happen. What is missing is a strategy – and a good strategy might make a great difference.
You want to retire, and you own a large home that is nearly or fully paid off. The kids are gone, but the upkeep costs haven’t fallen. Should you retire and keep your home? Or sell your home and retire? Maybe it’s time to downsize.
With inflation hovering near 40-year highs, some investors are looking for alternative ways to weather the storm. For many, a Series I Savings Bond is just the ticket. I Bonds give investors a rate of return plus inflation protection and are backed by the U.S. government.
Protecting our personal information online is a given, but sometimes it’s easy to forget that the threat of “paper” identity theft is still very real. We’d like to help.
In this week’s episode: Inflation and Ukraine fears present rock and hard place to investors.
In this week’s episode: Stocks extend last week’s rally, despite a major disappointment in the tech sector.
In this week’s episode: Despite Omicron concerns, stocks end year mostly positive, with strong holiday sales figures.
In this week’s episode: Market copes with unpleasant news; Powell surprises, Omicron concerns, and a less than stellar jobs report disappoints.
In this week’s episode: Tapering news, profits, and other encouraging data lifts stocks.
In this week’s episode: Strong week on Wall Street, despite concerns with inflation, supply chain, and other matters
In this week’s episode: Debt ceiling raised until December; employment numbers paint confusing picture.
In this week’s episode: Stalemate in the Capitol; Powell says inflation may stay longer than expected.
In this week’s episode: Financial contagion concerns and a positive word from the Fed bookend a wild week.
In this week’s episode: Despite signs of a good economy, stocks have a lackluster week.
In this week’s episode: Delta variant continues to concern the markets; labor market shows positive signs.
In this week’s episode: Stocks mixed as U.S. copes with economic data and Delta variant.
In this week’s episode: Federal Reserve says tapering likely in 2021, but no interest rate hikes for now.
In this week’s episode: Despite Delta variant fears, stocks rise on strong jobs, strong earnings reports.
In this week’s episode: Stocks open week on big highs, but end with small losses due to Delta concerns and a lower GDP.
In this week’s episode: Inflation concerns continue as the Fed weighs scaling back of bond purchases.
In this week’s episode: As consumer prices take a big step up, stocks take a step in the other direction.
In this week’s episode: The crosscurrents of strong corporate earnings, rising global cases of COVID-19, and the specter of higher capital gains taxes led to a choppy week of trading that left stock prices slightly lower for the week.
In this week’s episode: Good indicators for earnings season and other economic data lead to record highs for stocks.
In this week’s episode: Tech stocks and strong indicators lead a week of economic advancement.
Protecting our personal information online is a given, but sometimes it’s easy to forget that the threat of “paper” identity theft is still very real. We’d like to help.
In this week’s episode: Markets react positively to infrastructure proposals; S&P 500 rises above 4,000 for the first time.
In this week’s episode: weakness in tech and high-growth stocks leads to a rocky week; Yellen and Powell signal optimism
In this week’s episode: The White House signs the COVID-19 fiscal relief bill into law & the economy reacted positively.
In this week’s episode: Stocks have a mixed reaction to rising bond yields and increasing inflation.
In this week’s episode: Rising bond yields deliver a blow to stocks; Fed Chair affirms commitment to current money policy.
In this week’s episode: Vaccinations and declining case numbers result in economic optimism; Fed Chair says no change for now.
In this week’s episode: The markets went back to basics this week, showing optimism for positive COVID-19 news.
In this week’s episode: After setting new highs, market rattled by unexpected trading phenomenon.
In this week’s episode: A streak of optimism on fiscal stimulus and vaccines boosts the markets; Yellen tells Congress to “act big.”
In this week’s episode: Mixed news elicits a mixed reaction from the markets; incoming Biden Administration outlines stimulus plan.
In this week’s episode: Happy New Year! Stocks hit record highs and have varied reactions on stimulus checks and another potential vaccine.
In this week’s episode: Happy New Year! Stocks hit record highs and have varied reactions on stimulus checks and another potential vaccine.
In this week’s episode: A rollout for a COVID-19 vaccine led to a positive reaction from the markets; stimulus talks continue.
In this week’s episode: Rising number of COVID-19 cases and no progress on a stimulus bill lead to a bumpy week on Wall Street; U.K. anticipates “No-Deal” for Brexit.
In this week’s episode: Promising signs of a fiscal stimulus package inspire an upward week for stocks; retailers’ extended “Black Friday” sales produce mixed results.
In this week’s episode: Dow Jones Industrial Average hits 30,000 milestone in response to promising vaccine news and lessening political uncertainty; former Fed chair Janet Yellen nominated as Secretary of the Treasury.
In this week’s episode: New COVID-19 infections drive market anxieties, despite anticipated vaccines; Fed Chair Powell warns that continued infections may limit economic activity for months.
In this week’s episode: A COVID-19 vaccine spurs a stock market rally, even as more cases are reported and some areas renew lockdowns.
Read the transcript at www.InvestWithCCG.com/blog1/2020/11/10/how-amp-when-to-sign-up-for-medicare
In this week’s episode: Markets react positively to the election, seeing promise in a divided government; unemployment rate falls.
In this week’s episode: with no fiscal stimulus anticipated and election around the corner, stocks slumped through a difficult week.
In this week’s episode: stocks lagged after another week with no fiscal stimulus; the labor market seemed to improve despite a rise in COVID-19 cases.
If you are concerned about one or more of the policies being discussed by the presidential candidates, join me on this podcast for an important message.
In this week’s episode: a difficult week for stocks, reacting to delayed stimulus, little good news on COVID-19 treatment, and jobless claims.
Some recognize October as Financial Planning Month, so it's an excellent opportunity to review those six personal finance areas.
In this week’s episode: stocks advance with hopes of a new stimulus, end the week up, despite no new deal and President Trump’s illness.
In this week’s episode: stocks have a mixed reaction to ongoing uncertainty; additional fiscal stimulus on hold.
In this week’s episode: the tech sector slip continues for stocks; the Federal Reserve signals that interest rates will not be increased for some time.
In this week’s episode: Stocks continued a downward slide in response to continued uncertainty; fiscal stimulus still delayed.
In this week’s episode: Stocks stall late in the week, thanks to tech markets slide. The jobs recovery makes continued progress
In this week’s episode: Stocks reached new highs, erasing steep losses from February and March.
In this week’s episode: stocks rise as earnings season winds to an end; no results in fiscal stimulus talks.
In this week’s episode: stocks have a mixed reaction to earnings, economic data, and a potential stimulus.
In this week’s episode: stocks slip after heavier jobless claims and U.S.-China strife.
In this week’s episode: stocks see a mixed week, as COVID-19 cases rise, and news of vaccine emerges.
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Then, please schedule a review here - I look forward to connecting & showing you the new office.
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In this week’s episode: stocks gain after volatile week, despite COVID-19 acceleration.
For more info visit: http://www.InvestWithCCG.com
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2020-2391
Hello from our new location! You can learn more by clicking here.
Then, please schedule a review here - I look forward to connecting & showing you the new office.
——————————————————————————-
In this week’s episode: despite continued COVID-19 concerns, markets react positively to upbeat economic data.
For more info visit: http://www.InvestWithCCG.com
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2020-2292
In this week’s episode: as fears of economic shutdown diminish, the U.S. economy gains momentum.
For more info visit: http://www.InvestWithCCG.com
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2020-2151
In this week’s episode: increase in COVID-19 cases, matched with downbeat Federal Reserve forecast, weighed on markets.
For more info visit: http://www.InvestWithCCG.com
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2020-2079
In this week’s episode: U.S. jobs report and a surging market build optimism for global economic recovery
For more info visit: http://www.InvestWithCCG.com
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Who is Eric Hagen?
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2020-2008
Eric Hagen | EricHagen.proProtecting our personal information online is a given, but sometimes it’s easy to forget that the threat of “paper” identity theft is still very real. We’d like to help.
Complimentary Shredding
In a continuing effort to help protect you, we are reaching out today to invite you to participate in complimentary shredding
Between now and Wednesday, June 24th, bring your unwanted and unneeded documents to our office & we’ll take care of shredding them for you. It’s that easy.
Keep It or Toss It Guide
Not sure what documents to keep & what documents to toss? We put together a handy “Keep It or Toss It” guide to help you – you can get a complimentary copy by clicking here (or copy & paste the following address into your internet browser: http://free.InvestWithCCG.com/keepitortossitguide)
Make the Most of June
Bring your unwanted and unneeded documents to our offices anytime before June 24th – normal office hours are 8:30am-4:30pm Monday-Friday.
Hope to see you soon-
Eric & your personal wealth management team here at Capital Consulting Group
CAPITAL CONSULTING GROUP | 6301 WAYZATA BLVD | MINNEAPOLIS, MN 55416
952-540-0153 | CONTACT@INVESTWITHCCG.COM
Securities and investment advisory services offered through NEXT Financial Group, Inc., member FINRA/SIPC. Capital Consulting Group is not an Affiliate of NEXT Financial Group, Inc.
In this week’s episode: solid gains following a short trading week; economic reopening inspires optimism.
For more info visit: http://www.InvestWithCCG.com
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► Did you know Eric is the father of 7? Watch his story each day to get a behind-the-scenes glimpse of his busy life here: https://www.instagram.com/stories/erichagenpro
2020-1923
In this week’s episode: Markets rally in reply to positive comments from Fed Chair Powell and further optimism for economic recovery.
For more info visit: http://www.InvestWithCCG.com
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2020-1866
If you make too much money to open a Roth IRA, you could create one this way.
Provided by Eric Hagen | Online at EricHagen.pro
You can sum up the appeal of a Roth IRA in three words: federal tax benefit. Potential earnings in a Roth IRA grow tax free as long as the owner abides by the Internal Revenue Service (I.R.S.) rules, and withdrawals are federally tax free once you reach age 59½ and have held the Roth IRA for at least five years.(1)
Unfortunately, some people make too much money to contribute to one. In 2020, joint filers with modified adjusted gross incomes (MAGI) of $206,000 or more and single filers with MAGI of $139,000 are not eligible for a ROTH IRA.
There is a way for high earners to bypass these limits, however: the “backdoor” Roth IRA strategy.(2)
High-income taxpayers may create Roth IRAs indirectly. This involves a little maneuvering, but may be of interest to certain investors.
The “backdoor” IRA strategy typically starts with the creation of a traditional IRA. The contributions to this new IRA are usually non-deductible, because of the IRA owner’s high modified adjusted gross income. This new traditional IRA is fully or partly funded, and with a financial professional’s help, it is quickly converted to a Roth IRA, and any tax liability is paid.(3)
Why does speed matter in this strategy? Well, the longer it takes to convert the traditional IRA into a Roth IRA, the greater the potential earnings of that traditional IRA. Since any traditional IRA earnings converted over to the Roth represent taxable income, those earnings should be minimal if the transfer is completed shortly after opening the account. (In the above example, the IRA contribution is made with after-tax dollars, so the initial contribution amount is not subject to federal taxes.)(3)
Keep in mind this article is for informational purposes only. It’s not a replacement for real-life advice, and a professional should be consulted before attempting this type of strategy. Also, tax rules are constantly changing, and there is no guarantee that the tax treatment of Roth and Traditional IRAs will remain the same.
Plusses and minuses. The big attraction is the potential for tax-free retirement income, not to mention tax-exempt growth for the account. In addition, while mandatory annual withdrawals are required from traditional IRAs starting at age 72, no mandatory annual withdrawals are required from Roth IRAs while the original owner lives. Under the 2019 SECURE Act, most non-spouse beneficiaries of a Roth IRA are required to have the funds distributed to them by the end of the 10th calendar year following the year of the original owner’s death.5 Any Roth IRA conversion is a taxable event, and these conversions cannot be undone. That given, think about the basic rules for traditional IRAs. Generally, distributions from traditional IRAs must begin once you reach age 72, and the money distributed to you is taxed as ordinary income. When such distributions are taken before age 59½, they may be subject to a 10% federal income tax penalty.(4,5)
Eric Hagen may be reached at 952-540-0153 or Eric@InvestWithCCG.com www.InvestWithCCG.com
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Securities & Investment Advisory Services Offered Through NEXT Financial Group, Inc., member FINRA/SIPC. Capital Consulting Group is not an Affiliate of NEXT Financial Group, Inc.
Sources:
1 - Investopedia, January 24, 2020
2 - IRS.gov, January 24, 2020
3 - RetirementPlans.Vanguard.com, May 11, 2020
4 - Fool.com, July 25, 2019 5 - IRS.gov, February 24, 2020
2020-1804
In this week’s episode: Powell paints a somber picture for recovery, and the markets slip in reaction.
For more info visit: http://www.InvestWithCCG.com
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2020-1789
In this week’s episode: Employment reaches an historic low, while stocks climbed in response to economic re-openings.
For more info visit: http://www.InvestWithCCG.com
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2020-1673
In this week’s episode: Promising drug trials and plans to ease public lockdowns turn thoughts to economic normalization.
For more info visit: http://www.InvestWithCCG.com
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2020-1590
The I.R.S. is giving you three additional months to file and pay.
Provided by Eric Hagen | Online at EricHagen.pro
The Internal Revenue Service knows that many taxpayers have had a stressful spring. So,it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.[1]
Beyond these important details, there are others to note. Keep in mind: this article is for informational purposes only. It's not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.
The extended tax deadline still falls on October 15. This year, the 6-month extension is now a 3-month extension. If you owe federal taxes, you must still pay them by July 15.[2]
The July 15 deadline also applies to fiscal year filers and many businesses. It applies to any individual or business entity that would normally have to file or pay by April 15.[2]
How about those who pay quarterly taxes? On April 9, the I.R.S. set a new July 15 deadline for both first-quarter and second-quarter estimated tax payments. The Q3 and Q4 estimated tax deadlines remain set at September 15, 2020 and January 15, 2021, respectively.[3]
You have three additional months to make a 2019 IRA or HSA contribution. Do you still need to do this?Ordinarily, your deadline to do so would be April 15, 2020, but just as the federal income tax filing deadline has been pushed forward to July 15, so has this deadline.[1]
The July 15 deadline also applies for gift taxes. Whilethe federal estate tax deadline fell on April 15, Forms 709 (the Gift and Generation-Skipping Transfer Tax Return) and related payments are not due until July 15. An extension to file as late as October 15 is permitted; though, gift and GST taxes owed will still be due on or before July 15.[4]
Many state tax deadlines have also been extended to July 15. A few states have given taxpayers even more time. In Hawaii, the filing deadline is July 20. In Iowa, state income taxes may be filed as late as July 31. In Colorado, taxpayers have until October 15 to file their returns, with any taxes owed due by July 15.[5]
Things are a bit different in three other states. Mississippi has pushed its state tax deadline forward, but only to May 15. New Hampshire has offered extensions to “qualifying taxpayers” affected by the coronavirus crisis who were unable to pay state taxes by April 15. Virginia has given taxpayers an automatic 6-month extension to file; if taxes owed are not paid by May 1, interest will be charged, but late penalties will be waived if taxes are paid by June 1.[5]
There are reasons to send in your return well before July 15. Do you think you will owe money?The earlier you determine what you owe, the more time you have to plan your tax payment. If you are owed money, filing earlier can bring you a refund earlier.
As a reminder, this article is intended to present general information, not tax advice. Talk with a tax or legal professional about your particular tax situation before modifying your strategy.
Eric Hagen may be reached at 952-540-0153 or Eric@InvestWithCCG.comwww.InvestWithCCG.com
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Securities & Investment Advisory Services Offered Through NEXT Financial Group, Inc., member FINRA/SIPC. Capital Consulting Group is not an Affiliate of NEXT Financial Group, Inc.
Citations.
-
Kiplinger.com, March 30, 2020
-
IRS.gov, April 10, 2020
-
Forbes.com, April 9, 2020
-
The Internal Revenue Service, April 2020
-
MSN.com, April 6, 2020
2020-1553
In this week’s episode: Markets react to the plunging oil prices, corporate earnings, and the first attempts to restart the U.S. economy.
For more info visit: http://www.InvestWithCCG.com
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2020-1480
In this week’s episode: The White House makes plans to reopen the economy, as analysts examine the first-hard economic data reckoning the U.S. reaction to COVID-19.
For more info visit: http://www.InvestWithCCG.com
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2020-1395
In this week’s episode: A broad stock market rally, promising signs with COVID-19, and another Federal Reserve program ahead.
For more info visit: http://www.InvestWithCCG.com
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2020-1300
Is it right for you?
Provided by Eric Hagen | Online at EricHagen.proThe COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be an understatement.
However, difficult times may open doors to new possibilities. Businesses are changing their ways of operating, and individuals are exploring new avenues for investment. It may be time for you to consider some opportunities, as well.
What is a Roth Conversion? A Roth conversion refers to the transfer of an Individual Retirement Account (IRA), either Traditional, SIMPLE, or SEP-IRA, into a Roth IRA. With Roth IRAs, you pay tax on the money before it transfers into the account.
One benefit to having your money in the Roth IRA is that, unlike a Traditional IRA, you currently are not obligated to take Required Minimum Distributions (RMDs) after you reach age 72 (RMDs would be required to any non-spousal beneficiaries, however).
Another benefit is that since the money was taxed before going into the Roth IRA, any distributions are tax-free. Keep in mind that tax rules are constantly changing, and there is no guarantee that Roth IRA distributions will remain tax-free.(1,2)
Why Go Roth in 2020? In the face of the market downturn after the COVID-19 outbreak, you may be in a unique financial situation. For example, suppose you have an IRA account that was worth $1 million before the downturn, but it’s currently worth $800,000.
Perhaps your income has also decreased, potentially putting you in a lower tax bracket. Maybe you own one or more businesses, such as restaurants, that have been closed. You may not yet know if these businesses will be opening again in 2020. Your income could hypothetically be considerably lower this year than last year.
But: this may present an opportunity. Less earned income may mean lower total taxes due on a Roth conversion, especially if the overall account value has dropped.
Keep in mind, this article is for information purposes only and is making an assumption on an IRA account’s value and applying a hypothetical drop in earned income. We recommend you contact your tax or legal professional before modifying your retirement investment strategy.
No Turning Back. While this may be a good time for you to consider converting to a Roth IRA, remember that there’s no turning back once you do. The Tax Cuts and Jobs Act of 2017 decreed that Roth conversions could no longer be undone.(3)
A Roth IRA conversion is a complicated process, and it’s wise to involve your trusted financial professional. Please feel free to reach out with any questions you have about your situation.
Eric Hagen may be reached at 952-540-0153 or Eric@InvestWithCCG.comwww.InvestWithCCG.com
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawal also can be taken under certain other circumstances, such as a result of the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.
Securities & Investment Advisory Services Offered Through NEXT Financial Group, Inc., member FINRA/SIPC. Capital Consulting Group is not an Affiliate of NEXT Financial Group, Inc.
Citations.
1 - Investopedia.com, November 26, 2019.
2 - Investopedia.com, January 17, 2020.
2020-1299
3 - Congress.gov, December 22, 2017.