Smith Investment Consultants

Supporting philanthropic organizations is not only beneficial for our communities, it often reduces our income tax liability. The CARES Act offers several opportunities to increase the tax benefits of your charitable giving in 2020. The following two advantages apply only to cash contributions and exclude contributions made to donor advised funds (DAFs) or supporting organizations. Temporary benefits include: Tax filers are allowed an “above-the-line” deduction for qualified charitable …

If your income or savings has decreased, or if you were planning to withdraw funds from your portfolio in the near term, it is a good idea to revisit your budget. Limiting withdrawals during periods of market declines will allow your dollars to go much farther when growth continues.

If you have a secure job, sufficient down payment and can maintain your rainy-day fund, this low interest environment may be a good time to step into a home purchase. It will be important to evaluate with your realtor the potential impact of the COVID-19 pandemic on home prices in your area. While the Fed has suspended evictions and foreclosures on loans guaranteed by the Federal Housing Administration and ordered similar relief from Fannie Mae and Freddie Mac, individuals who face …

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