Bridgeriver LLC - September 2020

Bridgeriver LLC - September 2020

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SEPTEMBER 2020

Major CARES Act Deadlines You Need to Know

Back in July I talked about last-minute tax tips on channel 7’s local news show. This was before the July 15 tax deadline. Going into the fall, there are still several more deadlines you need to be aware of, particularly if you took advantage of any of the provisions introduced in the CARES Act. For example, one major deadline is coming on Sept. 23. If you want to borrow from your 401(k), you have until this date to do so. If you do borrow from your 401(k), you then have 5 years to pay back the borrowed amount. Now, if you intend to do an early withdrawal from one of your retirement accounts, such as a 401(k) or IRA, you have until Dec. 31 to make that withdrawal. If you decide to go this route, bear in mind it comes with terms and conditions — namely, you have to pay the tax on your withdrawal within the next 3 years. You can pay the tax over time or wait until the 3 years is about to expire. Withdrawing can be convenient if you have been affected by COVID-19 and need the money as soon as possible. But you may not be able to address the tax burden in the immediate future and will want to defer it for 2 or 3 years. In this case, you must have a plan in place to help address your tax bill before the 3-year deadline. Another part of the CARES Act deals with Roth conversions. While Roth money is post-tax — that is, you don’t pay any tax on it upon withdrawal — you do need to address the tax when you convert from a traditional IRA to a Roth IRA. Under the CARES Act, you can make the conversion and spread the tax burden out over a 3-year period. However, the conversion deadline is Dec. 31. Any Roth conversions made after that date will be subject to pre-CARES Act rules. Or, if you miss any of the deadlines, you’ll once again be subject to standard taxes and penalties as imposed by the IRS and U.S. tax codes. If you have considered making withdrawals, one reason not to hold off could be your required minimum distributions (RMDs). When you turn 72, you are required to take a certain amount out of your retirement accounts. This has the potential to impact your taxes and, in some cases, can put you in a higher-rate tax bracket.

By withdrawing some of the money before you turn 72, you may be able to reduce your RMD amount when you do reach 72, thus reducing your tax burden. It’s something to think about but may also require some additional strategizing to make sure you don’t overburden yourself now instead of later. One more thing to keep in mind: In order to borrow or withdraw from any retirement account, including a 401(k) or IRA, under CARES Act rules, you must have been affected by COVID-19 in some way. The rules are fairly broad, but if you have not been affected by COVID-19 in any discernible way (your job, your health, or the health of a loved one wasn’t impacted), you may not be eligible for these provisions.

If you aren’t sure, don’t hesitate to ask. Together, we can determine your best next steps if borrowing or withdrawing from a retirement account is something you are interested in doing. Just don’t forget about the upcoming deadlines.

-Dan Casey

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WANT FREE WORKOUTS FROM CELEBRITY TRAINERS? INSTAGRAM IS THE BEST PLACE TO START!

Want to get a workout in with

from home with minimal equipment, this is the place to go! Kloss and Maloney even do quick workouts together on Instagram Live. You can easily follow along, and they only require a mat.

masses on Instagram Live with AARMY, the fitness studio she co-founded. The studio hosts workouts every day throughout the day, including cycling, boot camps, and even mindfulness exercises.

the same people who train Jennifer Lopez or Selena Gomez? You don’t have to pay thousands of dollars — in most cases, all you need is an Instagram account! The pandemic might’ve forced many gyms to shut their doors for a few months, but celebrity trainers have been busier than ever, providing free resources for everyone staying at home. Here are some recommendations to empower your at-home workout routine!

David Kirsch | @davidkirsch on Instagram

Don Saladino | @donsaladino on Instagram

Jennifer Lopez always looks incredible, in large part thanks to David Kirsch’s guidance. He’s been creating 10-minute, all-inclusive videos that work for different fitness levels and even the whole family! Check out his Instagram Live streams that combine workout moves and healthy lifestyle tips.

Ryan Reynolds and Blake Lively adore their trainer, Don Saladino, and with good reason! Saladino is friendly and a great teacher, and he provides lessons on Instagram Live every day at 3:30 p.m. EST. You’ll get a peek into his routine and even get to learn the benefits of electrolytes. All of these trainers are incredible, and the fresh workout inspiration is helping many people stay motivated! Check them out, and you just might find something new, healthy, and exciting to add to your routine.

Michael Maloney | @teammaloney on Instagram

Angela Manuel-Davis | @AARMY on Instagram

Every day, Karlie Kloss’ trainer Michael Maloney has been posting “homework” to his Instagram feed. If you’re looking for daily exercises to do

Angela Manuel-Davis is a personal trainer and teacher to celebs like Beyoncé, Kerry Washington, and David Beckham, and she is teaching the

3 WAYS TO KEEP KIDS SAFE ON SOCIAL MEDIA We live in an incredible age. Technology has come so far, and connecting with people around the world is as easy as clicking buttons. Social media provides advantages galore, but it also creates opportunity for wayward activity. Kids new to social media are often unaware of the risks of using it, which is why it’s up to their parents to help keep them safe. PROTECTION STARTS WITH PARENTS

Recognize ‘Facebook Depression’ Research has shown that looking at social media posts of happy events in other people’s lives can make some kids who have compromised self-

Get Family Protection Programs exist to help control and block potentially dangerous websites, enforce time limits, monitor online activity, and track online conversations. If your children frequently use social media, installing one of these programs is a great way to stay in touch with what they’re doing so you can take action as necessary. Also be aware that kids are getting more savvy about circumventing these locks and protections, so it’s important to stay up to speed with the latest advancements and have conversations about best practices. Set Up Private Profiles Because of certain privacy laws, websites that require individual profiles allow users to set those up as “private.” If you put your child’s account in “privacy mode,” sometimes called “kids mode,” then strangers have a much harder time accessing their profiles and interacting with them on those sites. Coupled with the right protection plan, you can even prevent your kids from tampering with their privacy settings after you’ve left the room.

esteem feel worse. Seeing pictures of people enjoying family vacations or parties with friends can make kids question

the activities in their own lives. Take time to explain that what they see on social media is not a reflection of everyday real life, and posted images only tell part of the story. Everyone is human, and your kids might need help realizing that so they don’t think less of themselves and their activities. Your kids don’t have to be scared when they use social media, but they do have to be smart. Educating them starts with you and your willingness to make sure they can enjoy social media and all its excitement as much as the rest of us do.

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‘I’m buggin’ vs. ‘Salty’ You can be buggin’. Someone you know could be buggin’. Made popular by the movie “Clueless,” the term “buggin’”

If you spend a lot of time around Generation Z, you may have had to look up “oof.” What could that possibly mean? The confusion is totally understandable, and sometimes, we need a good comparison of the slang from different generations to really bridge the gap. So, don’t worry, pal — we have all that and a bag of chips. ‘Alrighty then’ vs. ‘Oof’ Let’s say you just explained a sad story to a Gen Z kid, and all they say is “oof.” You might think it means “whatever” (another ‘90s slang word), but it’s a little closer to using a non-sarcastic “alrighty then” used in the same context. “Oof” is often used when something concerning is happening. The speaker knows they should say something, but there might not be anything else to say. “Alrighty then” was popularized by comedian Jim Carrey in his role as Ace Ventura in “Ace Venture: Pet Detective.” It was a favorite sarcastic reply for many in the ‘90s, along with “talk to the hand” or “whatever.” ‘All that and a bag of chips’ vs. ‘Iconic’ In the ‘90s, if you wanted to say someone or something was really, really cool, you’d say, “They’re all that and a bag of chips.” These days, you call them “iconic.” Those jeans? Iconic. Those glasses? Iconic. Their laugh? Iconic.

1990s SLANG VS. 2020 SLANG A LIST SO FLY, YOU MIGHT EVEN SAY IT’S ON FLEEK

means someone is freaking out or acting in an unusual way, usually under stress. “Salty” is used in a similar context, but it mainly describes the feeling of being upset or bitter. So, you could be buggin’ because you feel salty toward yourself for procrastinating on an assignment. Or, “I’m so salty right now. I’ve been in the drive-thru for 30 minutes, and I’m buggin’.” There’s also some overlap between ‘90s slang and recent slang. For example, “wack” was popularized as slang after the ‘90s anti-drug slogans like “Crack is Wack,” and people continued to use it to describe other things as “wack,” meaning weird or lame. It was mostly forgotten until recently, when a meme surfaced of Hannibal Buress saying “wack” with a hilariously dozed-off expression. So, at least we can agree: Slang is silly and fun, but sometimes, it’s wack!

HAVE A LAUGH

Breakfast Sausage Kebabs

Inspired by TasteOfHome.com

This simple recipe can make any breakfast a little more fun. We recommend pairing your kebabs with your favorite kind of eggs.

Ingredients

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7 oz frozen, fully cooked breakfast sausage links, thawed

• • •

10 medium-sized, fresh mushrooms

2 tbsp butter, melted Maple syrup, to taste

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20 oz pineapple chunks, drained

Equipment

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5 metal or soaked wooden kebab skewers

Directions

1. Cut sausages in half. Thread alternating sausage halves, pineapple chunks, and mushrooms onto kebab skewers. Brush with butter and syrup. 2. Grill over medium heat, regularly turning and basting with syrup, until sausages are lightly browned, about 8 minutes. 3 248.785.3734

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INSIDE This Issue

CARES Act Deadlines You Need to Be Aware Of Want FREE Workouts From Celebrity Trainers? How to Keep Your Kids Safe on Social Media 1990s Slang Vs. 2020s Slang Good Morning Breakfast Kebabs Don’t Fall for These Social Media Quiz Scams

ARE YOU QUIZ SAVVY? Beware of Social Media Quiz Scams

You see fun quizzes on Facebook all the time. What kind of dog breed matches your personality? What Disney princess are you most like? These can be fun to pass time or learn new things about yourself. However, did you know that social media quizzes aren’t actually safe? The Better Business Bureau (BBB) recently warned people that distractions on social media aren’t all harmless. In order to collect personal information, scammers can’t knock on your door and ask about your mother’s maiden name or the name of the street you grew up on. Intentionally, they design scams to attract your attention so you voluntarily give your information to them. They will ask common security questions that seem to relate to the subject matter, but in actuality, your answers are recorded for scammers to hack and steal your personal information later on. That’s why it pays to be skeptical. If you’re about to take a quiz, first ask yourself who created it. Do you trust them and the website it’s on? Even if the quiz seems outwardly innocent, it’s a risk.

To prevent quizzes and potential scams from popping in your newsfeed, adjust your privacy settings and monitor friend requests. Is one of your friends adding you on a second account? Sometimes, scammers make imposter secondary accounts of people just to have access to their friends’ timelines. Not everyone monitors how much they post on Facebook; anyone can amass lots of invasive information just from scrolling down a profile. Which brings us to our next point: Remove personal details from your profile. Nobody needs to know your phone number and home address by clicking around on your profile. Let the important people ask! It’s safer that way. Lastly, never give answers to common security questions. Why would a quiz need to know the name of your high school? No matter what, when we volunteer information online, there’s always risk. Best of luck, friends! There are lots of safe, authentic quizzes out there. How else are you supposed to know what Disney princess or dog breed you really are?

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