News you can use
Update on $1,400 stimulus payment & unemployment boost
The proposed bill to grant additional $1,400 to qualifying individuals is expected to get through the Senate and across President’s Joe Biden’s desk before March 14th. The bill would direct a $1,400 sum to individuals who make up to $75,000 and couples who earn up to $150,000. The bill would also increase the current $300 per week federal unemployment supplement to $400, and extend it through August 29, 2021. For more details click on the link below.
Will minimum wage increase in Louisiana?
Biden’s proposal to raise minimum federal wage to $15 per hour carries extra weight in Louisiana because, since the state does not have its own minimum wage, the federal minimum is the state minimum. The increase in minimum wage will mean a raise for nearly 50% of Louisiana’s workers. What will be the final outcome, and will the state follow possible increase in minimum federal wage or will the state start having its own minimum wage like many other states will remain to be seen. Either way, the change is expected to happen this year.
Dragana's World
Dragana’s Thoughts
I am seeing more and more people getting audited from the state of Louisiana. The state is looking for money and is clawing back anything that they can get. Please keep your documentation, the bank statements with the amounts on them will not be sufficient. They are looking for an actual receipt that will support deductions taken on the tax return. The state is mostly looking for support for Schedule C and Charitable contributions (Schedule A). You should always keep records for at least three years.
Hiring a CPA does not mean you will not pay the tax. People often think that once they have the CPA on their side they will not pay tax, this is not true. The CPA is there to help minimize your taxes, guide you, and prevent you from getting in trouble by making errors that will be costly and time consuming to fix. Communication is the most important part of the client – CPA relationship. Talk to your CPA before you bring important financial decisions for your business and your family.
Doug's Thoughts
How was your plan?
How many of you reading this planned for this brutally cold and unusual weather? How many of you have a plan for your business? I bet the answer to each of these are a varying degree of yes. Either way at some point your plan gets tested and your preparation is shown.
We all plan to various degrees pending on the issue, timing, and our values. It is human nature to deal with our most immediate threat based on severity. But, what about the things that take a long time, or the severity is not immediate? These things include health, savings, taxes, and much more. When you only think about taxes once a year, guess how that affects your tax bill? Same goes for your health, and finances.
I believe that your health, taxes, and finances can be improved by meeting with your various professionals more often than when they are needed. Do not just talk to these professionals who have dedicated themselves to helping you in a very specific way only when needed. You could easily meet with your Doctor, Dentist, Atty, CPA, Financial Advisor, and others semiannually but more ideally quarterly. You are not bothering these professionals by coming in more often and engaging with them. These professionals in most cases will bend over backwards to help the people who engage and want to be helped. Think again about your plans.
If you think I, Douglas (Financial Advisor) can help with any of your questions please feel free to reach out for an appointment: 318-228-2665 or douglas@dmfinancialgroup.com.
Stay Safe! Douglas Moran, Financial Adviser, DM Financial Group, LLC
(picture from Dragana's home town Busovaca, Bosnia & Herzegovina)