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Money Guy Show

Stimulus Checks: How to Maximize Your Money (Important Information)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 3 April 2020

⏱️ 89 minutes

🧾️ Download transcript

Summary

How can you maximize the money available to you through the CARES Act? This legislation is a fluid situation, but through lots of research, we broke down exactly how you can take advantage of these new benefits. Whether you’re an individual or a small business, there are provisions you need to be aware of and instructions you need to keep in the forefront of your mind. We walk through every detail we could uncover in this episode. For more information, visit: https://www.moneyguy.com/2020/04/stimulus-checks-how-to-maximize-your-money/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The CARES Act, let's talk about how to maximize the money that's hopefully going to be working its way into the population.

0:07.0

Yeah, Brian, so a few days ago we actually went through the legislation, explained what it was,

0:11.0

the different provisions, how it hit individuals, how it hit businesses.

0:15.0

And this one I think is the one that we get excited about.

0:17.0

Because once you see legislation, you have to kind of digest and say, okay, what is it, how does it work, you know, what does it mean?

0:24.0

Well, then we got to put on our thinking caps and fear.

0:26.0

Okay, what are the planning opportunities? How can we share some information with the money guy family to help them take advantage of some of the legislative changes that have taken place?

0:36.0

And what I think is so much, we came close to recording Tuesday afternoon because we already had some of the individual stuff.

0:43.0

But as I got to tell you, this is a fluid situation. A lot of things are changing nightly.

0:48.0

So that's why we're doing these live streams to make sure you're getting the most recent information, the most accurate information.

0:54.0

So you know how to act in the most appropriate way because this is definitely a fast moving process right now.

1:00.0

So let's jump right into the individual side of things.

1:03.0

So there are, if you remember from the show that we did a few days ago, there are sort of six benefits or six areas where individuals are affected.

1:11.0

And that's the recovery rebates, retirement account distributions, qualified charitable contributions, unemployment compensation, student loan relief, and then qualified medical expenses were expanded.

1:22.0

So those are kind of the six planning areas that we're going to talk through.

1:25.0

And so we're going to kind of talk about really quickly what the legislation said.

1:29.0

And then we're going to try to talk about some planning opportunities under each one of these that you can start implementing and thinking about.

1:35.0

So the first one, obviously this is the big one that was half a trillion dollars when you look at how much of the two trillion dollar plan it was is recovery rebates.

1:45.0

And this is realistically probably for a lot of people how the government is going to give you $3,400 tax free.

1:53.0

That's the question that everyone keeps asking me is, hey, am I going to get this free money? Where do I get this free money?

1:58.0

How do I get this? It's like people really want to know about free money.

2:02.0

It's like that.

...

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