Foresight Financial Management, LLC

10/25/2021

Pending changes could introduce new restrictions around ROTH IRA conversions. If this is something you would like to look into, let's talk before the year's end.

The proposed elimination of the backdoor and mega backdoor Roth creates additional year-end planning issues this year.

11/02/2020

Know your limits. 2021 IRS guidelines are here for retirement accounts!

The overall limit for 401(k)-like plans goes up from $57,000 to $58,000 in 2021.

05/26/2020

Heads up for anyone who received money from the Payroll Protection Program (PPP). In order to qualify for forgiveness, you’ll need to be sure to apply for it. The form to do so is now available.

Are You Expecting PPP Loan Forgiveness? Don’t Forget This Step

04/15/2020

For those who don't have direct deposit information on file with the IRS, they have launched their online "Get My Payment" portal today to enter payment information. Unfortunately, as of now, the tool isn't working quite as planned. Users are experiencing long wait times and running into a common error message, "Payment Status Not Available."

Hopefully this is resolved soon so everyone who qualifies can receive their stimulus checks as soon as possible.

https://heavy.com/news/2020/04/irs-payment-status-not-available-why/

04/09/2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is set to offer assistance to American citizens and business owners. Qualifying citizens will receive up to $1,200 per adult and $500 per child.

To learn more about what you may receive, and how best to prepare yourself, please read on. This is a good primer on this stimulus program.

The answers to all your questions about the coronavirus stimulus check: Who gets it? How much will I get? Is it taxable? What do I have to do?

04/03/2020

As ugly as things may look, there are plenty of places still actively hiring. If you find yourself suddenly looking for work, here are some options.

Amazon, Anthem, Decker Truck Line and Home Depot posted the highest number of open job listings last week, according to CareerBuilder.

04/03/2020

The CDC has changed their guidance on the wearing of face masks this afternoon. The new recommendation is to wear a mask in public whether you are symptomatic or not. All citizens are now expected to wear a mask in public.

Here are four masks you can fabricate at home. One requires no sewing and can be made from a T-shirt.

Stay safe everyone!

The CDC is expected to recommend that all Americans wear masks in public. Here’s how to make the most effective mask possible, using stuff you have lying around the house.

04/03/2020

ATTN: Business Owners

The response to the COVID-19 pandemic outbreak in the United States is underway. Financial relief is available to small business owners. You may now begin applying for assistance provided under the Coronavirus Aid, Relief, and Economic Security Act, aka the CARES Act.

The Paycheck Protection Program (PPP) went live this morning. Businesses with less than 500 employees may be eligible for low interest (and potentially forgivable) loans of up to 2.5x your average monthly payroll up to a total of $10million.

To apply for assistance under the PPP, you will need to work with a bank who is an approved Small Business Administration (SBA) lender. An application form provided by the United States Treasury can be found here:

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

A second program, the SBA Disaster Relief Assistance Program is also available to potentially provide grants of up to $10,000 and low interest loans up to $2million.

An online application for that program is available here:

https://covid19relief.sba.gov/ #/

It is advised that you apply as soon as possible for these assistance programs to help your business get through this difficult time.

If we can help you in any way, please let us know. All the best, and stay safe!

03/28/2020

Everyone gets extra time to make 2019 contributions to retirement plans. The deadline has been moved to July 15, 2020.

Now looks to be a great time to be putting money to work, with stocks down nearly 1/3 from recent highs.

If we can help in any way, please let us know.

The Internal Revenue Service today has clarified that the deadline for making Individual Retirement Account and Health Savings Account contributions for this tax season has been extended to July 15, 2020.

02/27/2020

The novel coronavirus hit Wall Street this week.

Investors the world over were spooked by a new round of outbreaks this past weekend, and it has been reflected in a worldwide decline in equity markets. The US officially entered correction territory today as markets fell 10% from their previously established high.

It can feel like a punch to the gut to watch losses happen so rapidly, but as always, we advise clients to keep a healthy dose of perspective. Day to day, markets can be driven quite violently by emotion and uncertainty. Cooler heads have always prevailed. On average, such market corrections have seen a full reversal within 4 months.

At Foresight, we have taken active steps to help protect our clients from downside risk, and will weather this storm until it passes. If you need someone to talk to about what is going on, we are here to listen and to help.

Here's what you need to know about how long and how severe the typical correction tends to be, according to CNBC and Goldman Sachs analysis.

02/03/2020

Congratulations Kansas City!

Super Bowl Champions!