Severance packages are considered compensation by the IRS and are taxed the same as other income from a job, but this means not all of your severance is subject to taxation. Reviewing the terms of the agreement with your CPA or financial advisor can help you know exactly how it is taxed. If you are still negotiating your severance, you have an opportunity to lower your taxes by changing the terms of the package.

ALSO COVERED:

The Severance Agreement
Estimating Tax Withholdings
Avoiding Taxation — healthcare & fringe benefits

Life Planning, Tax PlanningJoshua Escalante Troesh, CFPJune 10, 2020Young Families, Starting Out, Financial Foundation, Corona Virus, Covid 19, Severance Package, Layoff, Building Wealth, Career Advice, Career Planning, Career Development

Coronavirus: How Does Payroll Protection Program Loan Forgiveness Work

ALSO COVERED:

May be forgiven vs. Will be forgiven
Is the interest forgivable?
What is the interest rate?

Business Advising, Life PlanningJoshua Escalante Troesh, CFPApril 8, 2020Young Families, Corona Virus, Covid 19, Debt Relief, Small Business, Business Owners, Self Employment, Independent Contractor, Government Aid, CARES Act, Payroll Protection Program

Coronavirus: Help for Small Business Owners & Self Employed whose businesses are impacted

The federal government has created the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Eligible business and individuals can borrow 2.5 x prior average payroll (up to $10 million) with no loan payments due for six months. If you maintain your workforce, the SBA will forgive 8 weeks of payroll plus certain other expenses

ALSO COVERED:

Eligibility and amounts available
How to get Loan Forgiveness
Applying for the loan and an advance

Business Advising, Life PlanningJoshua Escalante Troesh, CFPApril 1, 2020Young Families, Corona Virus, Covid 19, Debt Relief, Small Business, Business Owners, Self Employment, Independent Contractor, Government Aid, CARES Act, Payroll Protection Program

Coronavirus: What mortgage help is available?

Resource are available to help including ways to replace your income and relief programs to help make your mortgage easier to manage. Start by identifying who owns your mortgage to determine the programs available to you.

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