Wood Financial Services LLC

Category Archives: Taxes

Important tax timelines for spring 2021

On March 28, 2021, Posted by , In Taxes, With Comments Off on Important tax timelines for spring 2021

Courtesy of COVID-19, tax season 2021, filing tax returns for 2020, is nothing resembling normal. There was staffing shortages at the IRS already due to decreased funding even prior to COVID-19, IRS staffing shortages due to COVID-19, three rounds of stimulus checks to get out, Tax professionals such as CPAs…

What does the new COVID-19 stimulus bill mean for you?

On December 22, 2020, Posted by , In Benefits,College,COVID-19,FAFSA,Family,Open enrollment,Retirement,Taxes, With Comments Off on What does the new COVID-19 stimulus bill mean for you?

The new COVID-19 stimulus bill has passed both the House and the Senate at lightening speed, and is on to the president’s desk for his signature. Assuming he signs it, we get a 4th Trump administration major tax overhaul in his 4 years (not evenly distributed, of course; TCJA in…

As COVID-19 surges again, I’ve been laid off. Now what?

On November 8, 2020, Posted by , In Benefits,COVID-19,Know thyself,Taxes, With Comments Off on As COVID-19 surges again, I’ve been laid off. Now what?

COVID-19 is surging in the upper Midwest, Minnesota, and Olmsted County. Hospitals are restricting visitors and deferring elective procedures. Companies that had been doing better during the summer months are once again facing income squeezes, and with that comes new rounds of furloughs and/or layoffs. It’s not necessarily your fault…

Is it a bad thing that my employer is refusing to participate in the payroll tax deferral?

On September 13, 2020, Posted by , In Benefits,COVID-19,Taxes, By ,, , With Comments Off on Is it a bad thing that my employer is refusing to participate in the payroll tax deferral?

So first, what is this payroll tax deferral? As part of the CARES act for economic relief during COVID-19, employers can choose to not withhold employee contributions to Social Security (6.2%) or Medicare (1.45%) for some employees, for a while. Is it a bad thing if my employer is refusing…

COVID-19 triggered mid-year benefits changes

On May 13, 2020, Posted by , In Benefits,COVID-19,Taxes, By ,, , With Comments Off on COVID-19 triggered mid-year benefits changes

One of the common questions I’ve been hearing lately is “I planned for XXX expensive, semi-elective surgery this year. Due to COVID-19 that surgery can no longer be done in 2020.” Or “I planned for XXX expensive, semi-elective surgery this year. Due to COVID-19 I can’t have that surgery right…

Should I do a Roth conversion now?

On April 15, 2020, Posted by , In COVID-19,Taxes, By , , With Comments Off on Should I do a Roth conversion now?

Roth conversions were the question on the table during a discussion I had recently. With the markets down, someone who had been contributing to a traditional IRA wanted to know if they should do Roth conversions during the current financial mess accompanying the COVID-19 pandemic. Roth conversions are all about…

Where is my stimulus check?

On April 15, 2020, Posted by , In COVID-19,Taxes, By , , With Comments Off on Where is my stimulus check?

For those who desperately need their CARES Act stimulus check [1, 2], waiting for it is painful. And not even knowing if the IRS has all the information it needs for sending that money to you is even more of a black box. The IRS has set up a website…

Unemployment Insurance during COVID-19

On April 13, 2020, Posted by , In Benefits,COVID-19,Taxes, By ,, , With Comments Off on Unemployment Insurance during COVID-19

Involuntary furloughs are coming. As we start talking today about one of our country’s social protection systems, unemployment insurance, let me lead with 3 very important points. First, unemployment insurance varies GREATLY by state, there is no national standard. Second, if you don’t qualify for unemployment by your state’s standards,…

Additional tax implication COVID19 thoughts

On March 28, 2020, Posted by , In Benefits,COVID-19,Taxes, By ,, , With Comments Off on Additional tax implication COVID19 thoughts

Yesterday we talked about the CARES Act, focusing on the Economic Relief Rebate. Today we’re going to briefly cover two other financial implications of COVID19. First, a great graphic illustrating the rebate amounts vs AGI is hosted by the Tax Foundation. Second, separate from the CARES Act, the IRS has…

CARES act, or Economic Relief Funds part 2

On March 27, 2020, Posted by , In Benefits,COVID-19,Taxes, By ,, , With Comments Off on CARES act, or Economic Relief Funds part 2

Earlier this week we were talking about the possibilities of checks coming to Americans in this time of world-wide hardship. The US Congress passed, and the President signed, the CARES act into law today. We’ve talked previously about how major tax reform only comes around every ~20 years, and how…