Capital Advisory Group - August 2020

Capital Advisory Group - August 2020

THE WEALTH ZONE

119 Old State Rd., Ellisville, MO 63021

CapitalAdvisoryGrp.com

AUG 2020

SUMMER CHECK-IN AND FINANCIAL AWARENESS Know Where You Stand

We hope you’re doing well and managing to enjoy your summer even if it doesn’t look quite the way you'd planned it. With how unusual 2020 has been, now is the time to sit back and reflect on what has taken place over the last six months. There’s a lot to take in, and it’s okay to give yourself some time to process everything we’ve been through on a national, local, and individual level. Some folks have been furloughed or laid off, while others have had their businesses impacted and are trying to rebuild. Since the tax deadline was pushed to July 15, and because it’s been an unusual year in many ways, it’s important to evaluate your taxes for 2020 and see if anything needs to be updated or changed — especially if you were furloughed or temporarily laid off. If you had a change

in income or other disruption this year, it’s important to look at it from a tax planning standpoint.This is something we are happy to help with, so please don’t hesitate to reach out to us.

may mean planning strategically when it comes to your taxes and doing quarterly evaluations to make sure you’re taking measures to maximize your taxes with things like charitable contributions. You can also enhance your financial awareness by looking for resources from trusted sources on the subject, by taking advantage of free classes and educational tools, and by having check-ins with us to ensure everything is in a good place. This also extends beyond just you.Think about the loved ones who turn to you for support and guidance. If you have children, building financial awareness is also part of building the legacy that you will one day leave to them. If any of this sounds daunting, remember that you never have to do it alone. We’re here to help you with all of this and to help you navigate the tax and financial aspects of life. We’re always happy to answer your questions around taxes, planning strategically, and being more aware of where you stand. Here’s to empowering ourselves around tax strategy and financial awareness. Wishing you a happy month,

This month, we’re also focusing on sharing knowledge and resources around financial awareness. Aug. 14 is National Financial Awareness Day, and it’s a good reminder of how we can educate ourselves and empower ourselves to become aware of the state of our finances so we can begin to plan strategically and thoughtfully for the future. Financial awareness is about knowing where you stand and having a basic understanding of your finances.This "Aug. 14 is National Financial Awareness Day, and it’s a good reminder of how we can educate ourselves and empower ourselves to become aware of the state of our finances so we can begin to plan strategically and thoughtfully for the future.”

-John and Jeff Zufall

(636) 394-5524 1

Published by The Newsletter Pro • www.TheNewsletterPro.com

NATIONAL CHEFS APPRECIATIONWEEK

3 Habits Entrepreneurs Use to Excel During COVID-19 BATTLING MENTAL HURDLES Why did some companies thrive during the COVID-19 pandemic while others had to shut their doors forever? The answer is simple: Successful companies embraced creative solutions to overcome the obstacles of the shelter-in-place orders. Creativity is key to a profitable business. Innovative problem-solving is how business leaders come up with new ideas, address unexpected issues, and inspire their teams during difficult times. Here are a few habits Though it may sound counterintuitive, structuring your day actually improves your ability to be creative. Establishing a schedule in advance allows you to avoid having to make small, inconsequential decisions. You won’t be distracted by wondering when you’ll get lunch or if you’re missing a big meeting. It’s all already on the calendar. Reducing daily decisions gives you more time to think about what matters and helps you dedicate more of your mental energy to solving problems or refining big ideas. THEY TAKETIMETO RECHARGE. This doesn’t mean spending all day watching Netflix. Recharging your imagination is an active process. If you’re feeling creatively drained, go to a place that inspires you.This could mean taking a walk around a park, going on a hike in the woods, or visiting your local library. Immersing yourself in others’ ideas can also help recharge your creative batteries. Swing by an art museum, pick up a new book, or treat yourself to a solo movie date. Ask yourself why a particular piece of art inspires you, what makes it worthwhile, and if you would have done anything differently. THEY PRACTICE CREATING. You don’t have to wait for inspiration to strike. Cultivate creativity by making something every day, even if it has nothing to do with your projects at work. Doodle during lunch, sing along to the radio during your drive home, or write a few sentences of a short story each night. Don’t worry about whether these personal projects are “good,” just focus on bringing them into the world. Practice makes perfect. that resourceful entrepreneurs share. THEY MAKE A SCHEDULE. If you believe that creativity is something that only a select few are born with, then you might find yourself struggling to be imaginative during difficult times. However, when you view it as a skill that can be strengthened, you’ll develop habits to see you through what might otherwise be a creative drought.

Celebrates Those Who Bring Communities Together

Restaurants have had an especially tough time staying afloat during the pandemic. Most eateries had to discontinue dine- in service, and those that couldn’t adapt to offering takeout or delivery may still be questioning whether they’ll ever be able to open their doors again. During the pandemic, it became clear to many of us just how important a role our favorite restaurants play in providing not just tasty chow, but also a sense of comfort and community. Celebrating National Chefs Appreciation Week is a great way to let the chefs who run those eateries know just how much they mean to us. WHAT IS IT? Since the holiday’s inception in 2013, it has most commonly occurred during the third week of August; this year, it’s August 16–22. Restaurants, patrons, and home cooks alike can show appreciation for the art and dedication chefs bring to their craft every day. Several restaurants across the country celebrate with special events and menus, and patrons flock to their favorite places for great food and company and to support the chefs who bring their communities together. HOWCAN I CELEBRATE? Now that many restaurants are opening back up for service at a limited capacity, it’s possible to dine in and further support the chefs who make the food you love. But, if you’re still not comfortable eating at a restaurant, there are plenty of other ways to celebrate. Continue having food delivered or picking up curbside from your favorite places. Whether dining in or carrying out, remember to tip well! You can also post about your favorite dishes on social media or leave a glowing review for your favorite eatery on Google or Yelp.The beauty of this holiday is that celebrating includes doing activities you probably already do, so it’s easy to participate. Chefs play a significant role in the evolution of culture, protection of tradition, and construction of community.Their food brings us together, fills our stomachs, and brightens our moods. We may not have fully recognized all they do for us until recently, but now that we have, we can truly celebrate Chefs Appreciation Week to the fullest.

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SAVE YOURSELF TIME AND STRESS BY ORGANIZING YOUR TAX DOCUMENTS

Now that the 2019 tax season has concluded, give yourself peace of mind by organizing your documents and deciding what you need to keep and what you can securely dispose of. Organizing during this period of the tax cycle can save you time and stress down the road. Here are some guidelines for how to organize. INDIVIDUAL DOCUMENTS The IRS recommends that individuals keep supporting documents for at least three years after filing their return.This can include bills, credit card statements, invoices, proofs of payment, and proofs of donations.The three-year guideline also applies to property sold in the last three years.This may include proof of costs related to a home purchase or home improvement project, stocks, investments, and individual retirement account transactions. BUSINESS OWNERS Business owners should keep all of their employment tax records for at least four years after the tax is due or is paid — whichever comes later.They’ll also want to hang on to records relating to gross

receipts, expenses, assets, and proofs of purchase.These may include receipt books, invoices, cash register tape, and sales slips.The records can also extend to >Page 1 Page 2 Page 3 Page 4

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