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February 2021 Newsletter

February 2021

The Greatest Love Of All, free Religious valentine e-greetings

 

Happy Valentines Day from all of us at Parable Financial Network!   

 

Daily Devotionals | Promise Keepers Canada | ImpactusOur Monthly Uplifting Word

 

Jordan Davis, Pastor

 

One of the great things about being a Christian is knowing that we serve a God of blessings. Everything God does is over the top, more than enough, a surplus, super-abundant, overflowing, good measure, pressed down, shaken together, and running over—over the top, kind of God! Isn’t God good?

 

Growing up in a Christian home and serving in ministry, I have learned what I believe gives access to his abundant blessings.

 

First, we must understand that everything we have belongs to him.

 

The earth is the Lord’s, and everything in it, the world, and all who live in it;” (Psalm 24:1 NIV)

 

Secondly, we must honor God with what we have been given. Honor God with your time, talents, and money. I have a simple rule that I live my life by: How can I expect God to bless me with more if I cannot be a good steward with what I have? “To those who use well what they are given, even more will be given, and they will have an abundance. But from those who do nothing, even what little they have will be taken away.” (Mathew 25:29 NLT) Everything we have, belongs to God. We are simply managers of what he has given us.

 

Thirdly, we must have a thankful heart. Today, I encourage you to take a moment and give God thanks for all that he has supplied you with and a praise for what is to come. “Always be joyful. Never stop praying. Be thankful in all circumstances, for this is God’s will for you who belong to Christ Jesus.” (1 Thessalonians 5: 16-18 NLT)

 

My prayer for you today is this: Lord, I pray for your people to recognize that you are the giver of ALL things. Help us to be the managers you have called us to be. I thank you for all your blessings, and I pray for windows of heaven to be opened upon your people, and that you will pour out your blessings on them as they trust you with what you have blessed them with. In Jesus’ name, Amen!   

 

Social Security

 

Social Security Income

Estimating your future Social Security benefits used to be a difficult task, but not any longer. For an estimate of your projected benefits, go to www.ssa.gov/estimator. The retirement estimator gives estimates based on your actual Social Security earnings record.

 

The website form will ask you for a number of facts, including your name, Social Security number, date and place of birth, your mother’s maiden name, additional information you provide about future earnings, and the age at which you expect to stop working.

 

Based on this information and your actual earnings history as maintained by the Social Security Administration, the Retirement Estimator generates an estimate of the amount you would receive if you were to retire at age 62 (the earliest date you can receive benefits), the amount if you waited until full retirement age (which currently ranges from 65 to 67, based on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement benefits.

 

It’s interesting to note that the 2020 Social Security Trustees Report includes a warning about the serious problems facing Social Security in the future. Without changes, the Social Security Trust Fund will be exhausted by 2034 and there will be enough money to pay only about 76 cents for each dollar of scheduled benefits at that time (based on the current formula).1 This is a reminder that taxpayers are ultimately responsible for funding their own retirements and that their future Social Security benefits may be lower than indicated by the Retirement Estimator.

 

Source: 1) Social Security Administration, 20

 

YOUR TAX FORMS 

 

IRS and Treasury preview postcard-size draft Form 1040 | Accounting Today

 

If you receive a 1099 tax form for Tax Year 2020 please review the following information:

 

In order to provide accurate and timely tax statements, forms are not generated until National Financial Services LLC, (NFS) has received and processed all anticipated relevant tax information. Our goal is to send customers one tax form whenever possible. Most 1099 tax forms for Tax Year 2020 will be available online between January 23 and February 13, 2021. Forms are mailed within 5 business days of posting online for customers who have not elected eDelivery. **

 

If a Preliminary Tax Form is posted to your account:

 

In the event final tax reporting information is expected beyond February 16*, a “Preliminary” tax statement will be available online by February 13, for customers moved to later mailing cycles. The preliminary form provides a single view of current tax information to assist in determining early tax liability. The accompanying cover-letter specifies a list of positions that are pending final tax information, when applicable. The Preliminary Tax Statement is only available online, is not reported to the IRS, and cannot be used for tax filing purposes.

 

A 30-day extension is requested from the IRS to permit the generation of some 1099 tax forms after February 16*. NFS will request this extension because not all issuers send final information in time to meet the standard February 16* IRS 1099 form delivery deadline. An extension reduces the need to send a corrected form.

 

Once NFS receives the final information needed, all 1099 tax forms will be available online no later than March 6.

 

The 1099 tax forms to be generated after February 16* will not be definitively known until after the standard IRS mailing deadline because of the dependency on issuers providing final tax reporting information.

 

If you expect to receive a 5498 tax form for Tax Year 2020, then please review the following information:

 

By January 21, 2021, it is expected that all retirement accounts will have a Form 5498 available online to report fair market value and any contributions made in 2020. If prior-year contributions are made by April 15, 2021, an updated Form 5498 will be generated by the end of May to reflect the contributions made in 2021 for Tax Year 2020.

 

Other Forms:

 

1099-R is expected to be available online by January 21, 2021.

 

1042-S (nonretirement) is expected to be available online by March 11, 2021.

 

If you have any questions, please contact your financial advisor.

 

* February 15, 2021 is President’s Day. The 1099 form delivery deadline for 2021 will be February 16, 2021.

 

** In the event a corrected tax form is received after a tax return filing, clients are encouraged to consult with a tax advisor to determine if amendments to their tax return are required. Corrected tax forms may be required in a variety of situations, most commonly due to the reclassification of income by an issuer at any point in time during 2021 or even later years.

 

Immediate Action Requested - From the Desk of the President - Paulden Roads

 

Action Requested:  Consent to Electronic Delivery

 

Alert to our clients:  Recently, you may have received this message from us.  We know many clients prefer paper delivery of tax documents and statements. That is why NFS allows the ability to choose…and still receive paper delivery for those items! When we launch our new, lower pricing schema, we will institute the following fees:

 

• Paper Delivery of Confirmations - $1.50 fee for buys and sells to the Client

 

• Paper Delivery of Prospectuses - $1.50 fee to the Financial Professional 

 

Please respond to the email or you can call Jan at (912)387-0111 if you need any help or have questions.

 

Tax Questions? Here Are Answers | Barron's

 

Donating to Charity Using Money From an IRA

Money from an individual retirement account can be donated to charity. What’s more, if you've reached the age where you need to take required minimum distributions (RMDs) from your traditional IRAs, you can avoid paying taxes on them by donating that money to charity. That tax break was made permanent in 2015.1 You just have to be sure to follow the rules carefully. Here's what you need to know.

KEY TAKEAWAYS
  • Funds from an IRA can be used for charitable donations if done correctly.
  • Tax breaks on the charitable donation cannot be combined with the tax break on retirement savings.
  • The IRS has established rules to make sure qualified charitable distributions are made properly.
  • Please refer to your CPA for Tax questions

 

 

 

 

Thank you for taking the time to read our monthly newsletter.

 

  We want  to encourage you monthly with our devotions and also try to keep you up to date on investing as well.   If you should have any questions, please do hesitate to call or email. 

 

Remember WE LOVE REFERRALS!

 

 

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