Mattson Financial Services - January 2021

Mattson Financial Services - January 2021

F I N A N C I A L S E R V I C E S , L L C

616-514-3831

www.MattsonFinancial.com

JANUARY 2021

MY BEST FRIEND

2020, without a doubt, was a very unusual year. It was unusual because of COVID-19 and the election, but also because of something that happened with one of our clients. He gave us the name and contact information of someone else he knew, and I asked him why he was giving us this information. “He is my best friend! We have been best friends since the fifth grade!” the client exclaimed. He went on to explain that even today, their families did everything together. Now, decades later, this

Interestingly enough, many people she knows have become our clients over the years — even the man who power-washes her home in Florida! Just like the referrals we received from clients in 2020, my mom has sent us many referrals during her time in Florida. She wanted those people to not only have a stress-free retirement, but also to maintain their services throughout her lifetime. Referring someone for financial and retirement services can sometimes feel risky. You don’t want to put your family and friends in a position that might compromise or offend them. However, at Mattson Financial, we

client was going into retirement and wanted to make sure he and his best friend could continue to do all the same things together. To make that happen, our client wanted to know if his best friend was in a good position financially with his retirement income flow and investments. This story, and others like it, became a major theme in 2020. Many of our clients have referred siblings, parents, children, coworkers, and others who have gone on to become clients too. Our clients were looking out for their friends and family so they can enjoy a better retirement.

make it a priority to add value for every referral. We know how important your family and friends are to you — and they’re just as important to us! Later this year, we may open an office in Florida! Thanks to my mom, her referrals, and their subsequent referrals, our client base in Florida has grown considerably. We’ve heard from Florida clients who want to host a barbecue, a potluck, and even a spaghetti dinner to introduce us to their own family and friends. It might be time to take them up on it!

But they’re not just concerned about retirement. Our clients also know how important it is to maintain continuity from one generation to the next. They want family and friends to have a plan in place for the future because there’s no way to tell what will happen even tomorrow. The more my clients plan, the better they can handle the future. After 37 years in Florida, my 96-year-old mom (almost 97!) stated that she would be moving back home to be closer to the family. Plus, she has outlived many of her friends — and some of her doctors — down in Florida!

We feel so blessed and thankful for our clients. In so many ways, our clients are more than “just” clients. They’re family, too. As we’ve helped them fulfill their dreams, goals, and desires, they’ve become part of our everyday lives. If you feel that our services can benefit your family and friends, feel free to reach out to us. We’re more than happy to show you how to make a comfortable introduction so the people you care about most get to enjoy their retirement as much as you do!

–Gary Mattson

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NEW TAX RULES FOR CHARITABLE CON

Don’t Forget the CARES Act’s Special Bonus!

M any people tackled deep-cleaning projects while spending more time at home last year. If your cleaning spree ended in donating items to a local charity, or if you donated funds to help local organizations supporting pandemic relief, you can look forward to some tax breaks! To feel confident in claiming them, here’s what you need to know about filing your 2020 taxes, including some unique additions from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Itemized vs. Standard Deductions When filing your taxes, you’ll need to first decide whether you want to itemize your deductions or take the standard deduction set by the IRS. Even those who cannot claim other tax credits or breaks qualify for the standard deduction. However, if you do have qualifying deductions and they add up to more than the standard deduction, it’s smarter to itemize your deductions.

Take note that the standard deduction was increased in 2020 because of the CARES Act. In 2019, the standard deduction for a single person was $12,200; in 2020, it’s $12,400. For those who are married and filing jointly, the standard deduction was $24,400 in 2019 and $24,800 in 2020. And the standard deduction for heads of household in 2019 was $18,350 and it’s $18,650 in 2020. Deductible Contributions If you choose to itemize your deductions, almost any gift to a qualified charitable organization can be deducted against your taxable income. It’s very important to keep records of all your contributions. According to the IRS, when donating items to a local charity like the Red Cross or Goodwill, the deductible value equals the fair market value of your items. If you made cash donations in 2020, there is a special rule to be aware of: Donations to public charities are now 100% deductible instead of 60%. However, this doesn’t apply to private foundations.

BE A BETTER LEADER 4 Leadership Books You Need to Read

For leaders at all levels in all types of business, 2020 was a tough year. Those businesses that managed to not only survive but also thrive all have one big factor in common: good leadership. If you want to be a better leader for your team in 2021, here are the latest leadership books you should add to your reading list. ‘Friday Forward: Inspiration and Motivation to End Your Week Stronger Than It Started’ by Robert Glazer Glazer is an entrepreneur and bestselling author who has taken 52 of the most impactful stories from his inspirational newsletter that goes out to more than 100,000 readers and put them in one convenient book. These stories of struggling entrepreneurs who turned things around can give you the push you need to make an impact in your own circles and end your work weeks stronger than they started. ‘Unleashed: The Unapologetic Leader’s Guide to Empowering Everyone Around You’ by Frances Frei and Anne Morriss Frei is one of the world’s foremost authorities on leadership. In her new book, she’s teamed up with Anne Morriss, a leader in the genomics industry. The book teaches leaders how to empower others. Great leadership takes grit,

thick skin, and compassion, and “Unleashed” offers advice from top- performing organizations on how to best achieve all three.

‘Personality Isn’t Permanent: Break Free From Self-Limiting Beliefs and Rewrite Your Story’ by Benjamin Hardy Organizational psychologist Benjamin Hardy makes a fascinating argument for why your current personality isn’t the one that’s most important. His new book pushes readers to consider who they want their future self to be, and his ideas aren’t theoretical — they’re full of proven ways to change your priorities, break habits, and use your environment to make you a better version of yourself. ‘Honest to Greatness: How Today’s Greatest Leaders Use Brutal Honesty to Achieve Massive Success’ by Peter Kozodoy The turmoil of 2020 has pushed brands to reconsider how they appeal to their customers. Many are walking away from deceitful promises and aiming for radical honesty and authenticity, instead. In his new book, Kozodoy examines how this revolution came to be and why it’s working. His guide teaches leaders how they can embrace these qualities to make their businesses better.

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NTRIBUTIONS IN 2020

Upcoming Events Join us at one of our financial webinars or other fun events by visiting MattsonFinancial.com/events to stay up to date! TAKE A BREAK!

An Additional Charitable Deduction if you choose to take the standard deduction rather than itemize deductions on your 2020 tax return, you may qualify for a new dedication courtesy of the CARES Act. If you donated to a qualified charity before Jan. 1, 2021, you can deduct up to $300, for single filers, or $600 per married couple.

The CARES Act can save you hundreds of dollars on your 2020 tax return. Use this guide to navigate the upcoming tax season. Happy filing!

BIRTHDAY CAKE BAKED OATMEAL FOR ONE (YES, REALLY) ABIGAIL’S

Inspired by ItsTaylerMarie.org

Did you know that January is National Oatmeal Month? If you tend to think of oatmeal as boring, this fun dessert-themed recipe just might change your mind. To go all out, top with a candle and a dollop of whipped cream.

Ingredients

•

1/2 cup old-fashioned rolled oats

• • •

1 tsp baking powder Splash of vanilla extract 1 tsp brown sugar, honey, or maple syrup

• • •

1 browning banana, mashed

1/2 cup milk

1/2 tsp cinnamon

•

2 tsp sprinkles

Directions

1. Preheat your oven to 350 F and prepare a small oven-safe dish. 2. In a small bowl, combine all of the ingredients except the sprinkles. 3. Pour the oatmeal mixture into the prepared baking dish. 4. Bake for 25 minutes or until the oatmeal is golden brown. 5. Let the oatmeal cool slightly, top with sprinkles, and dig in!

Solution

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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

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F I N A N C I A L S E R V I C E S , L L C

3226 28th Street SE Kentwood, MI 49512

INSIDE THIS ISSUE

1 2

My Best Friend

How to Deduct Charitable Contributions on Your 2020 Taxes

4 Books You Should Read to Lead

3

Birthday Cake Baked Oatmeal for One (Yes, Really) Mark Your Calendar!

4

Give Yourself the Boost of Getting Outside

**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.

Investment advisory services are offered through Mattson Financial Services, LLC, a Registered Investment Advisor in the state of Michigan. Insurance products and services are offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.

Hunkering down and waiting for the dark and chilly winter season to pass sounds pretty nice. But the reality is, if we deprive ourselves of time outside, we do ourselves a big disservice both mentally and physically. Staying indoors all day affects your energy and mood, which makes it hard to get anything done, so here are four easy tips to make it easier to get a little fresh air. 4 TIPS TO MAKE GETTING OUTSIDE EASIER Let That Fresh Air Fuel You

1. Make it a priority. Getting outside

waking. Don’t even wash your face or grab coffee. Just get out there.

means making the conscious effort to do so. If you want to reap its benefits, you have to decide to make it a priority in your day-to-day schedule. If you make the act important to you, you have more motivation to actually do it. 2. Use mornings effectively. Waking up and getting the day started can be hard. But studies have shown that natural light helps decrease your melatonin production, which means you feel ready to face the day sooner. So, set yourself a second alarm to head outside and take a quick walk around the block just after

3. Take your work outside. If you’re

working from home, take some work outdoors. Phone and virtual meetings are a great outdoor option, especially if you’ll just be an active listener and aren’t required to do any work simultaneously. Attach a note to your meeting reminders to get yourself set up outside five minutes before you start. 4. Create a schedule. It might feel strange to set reminders throughout the day to step outside, but you easily get wrapped

up in activities and overlook breaks, and these reminders are exactly what you need. Start with 10-minute blocks three times a day. If you stick to them, soon you won’t need a schedule to get outside anymore. Winter weather may be cold, but even when you’re bundled up under a jacket and scarf, just 5–10 minutes outside can do wonders for your mood and energy for hours.

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