• • Rewind 2025
  • Themes for The New Year
  • Portfolio Research & Changes Ahead
  • Firm Updates
  • Client Q&A

This year’s Investment Outlook is available to watch below:

The post Austin Asset’s 2026 Investment Outlook Webinar appeared first on Austin Asset.

• Budgeting
• Saving
• Building Credit
• Investing

Watch the webinar by clicking below:

The post Austin Asset’s 2025 Personal Finance for the Next Generation Webinar appeared first on Austin Asset.

• 2025 Halftime Report
• Asset Location & Tax Considerations
• Research Initiatives
• Client Questions & Answers

The post Austin Asset’s 2025 Mid-Year Update Webinar appeared first on Austin Asset.

• • 2024 Investment Landscape in Review
  • Portfolio S.W.O.T. for The New Year
  • Planning Opportunities in 2025
  • Your Questions – Answered
  • Austin Asset Updates

The post Austin Asset’s 2025 Investment Outlook Webinar appeared first on Austin Asset.

• Market Review and Economic Drivers
• Risks (and Opportunities) for Remainder of the Year
• Impact of Presidential Election, Geopolitics, A.I., The Fed, and more….
• Austin Asset Updates

The post 2024 Mid-Year Update Webinar appeared first on Austin Asset.

• Global Financial Market Review
• Forward-looking Investment Prospects
• Planning Opportunities in 2024
• Austin Asset Updates

A recording of the webinar is available to watch below:

The post 2024 Investment Outlook Webinar appeared first on Austin Asset.

• Assessing Global Markets After a Challenging Year
• Economic Crossroads: Interest Rates and Inflation
• Looking Ahead in the Markets: 2023 & Beyond

A recording of the webinar is available to watch below:

The post Austin Asset’s 2023 Outlook Webinar appeared first on Austin Asset.

The post Charitable Giving in 2021 appeared first on Austin Asset.

Are you a better-than-average driver? Chances are, you answered yes. That’s because nearly 3/4 of people think they are better than average drivers. Besides being mathematically impossible, this statistic is an example of overconfidence and is just one illustration of how certain biases can influence our thought patterns.

In this video, we’ll take a look at the three most common behavioral biases that can impair our investment decisions.

The post Understanding Behavioral Finance appeared first on Austin Asset.

Luckily, there are steps you can take to protect yourself against identity theft and reduce the damage when it happens.

The post Authentic Advice Video: Protect Yourself From Identity Theft appeared first on Austin Asset.

It goes without saying that retirement is a major transition, and that post-retirement will look different than the pre-retirement phase of your life. To address that, you’ll need to piece together a steady stream of income from different retirement sources. In today’s video, we will break down those sources and how they might fit into your overall retirement plan.

The post Authentic Advice Video: Understanding Your Retirement appeared first on Austin Asset.

Financial Assistance

• If you sustained damage from snow and ice during Winter Storm Uri and you have insurance, contact your insurance company first and then FEMA. 
• If you are uninsured, apply for FEMA assistance. FEMA will not be able to reimburse you for food lost due to power failure, however, if you call 211, you can find out what community resources you have available. 

Insurance Claims 

• Filing a claim 
  1. Inspect the damage to your property – document, document, document!
     •  Make sure you take photos/videos of the loss or damage.  
  2. Contact your insurance company as soon as possible.
  3. Your company will assign an adjuster to investigate the damage. 
  4. Find a contractor as soon as you can and get estimates. 
  5. You want to be sure that you keep all your receipts.
• Inspection Tips 
  1. Be available – many people are filing claims right now, so you might have to be patient for an inspection appointment. 
  2. Review the damage WITH your adjuster. Ask questions and be sure to show them all the damages.
  3. Provide all documentation to adjuster and report additional damage immediately.
  4. DOCUMENT EVERYTHING!
     • Make sure to take notes and keep your own record of damage estimates, receipts, etc. 
• Estimates and Payments 
  1. You want to make sure you get a copy of estimates from your insurance company AND contractor. 
  2. The insurance company will then issue you a payment, however you will only be responsible for the deductible. 
  3. You also want to make sure you keep your mortgage company up to date on what is going on. It is possible that they may need to sign off on the check from your insurance company. 
  4. Make sure to ask your adjuster for any clarification you may need for the estimate, payment, deduction, and any possible depreciation. 
• Contractor Tips 
  1. It might be worth getting a few contractors’ estimates for the repairs, the sooner the better. 
  2. If the contractor’s estimates are higher than what your insurance company estimates, call your insurance company. 
• Problems with your claim? 
  1. You are required to notify your insurance company of any disputes – make sure you keep a record of this. 
  2. Contact your adjuster or insurance company
  3. Contact OPIC 
     • OPIC is the Office of Public Insurance Counsel. They are an independent agency established by the Texas legislature. 
  4. You can also file a complaint with the Texas Department of Insurance 
  5. If applicable, you can contact an attorney 
• Additional Resources
  1. Texas Department of Insurance 
  2. OPIC

FEMA Assistance 

• The deadline to apply for FEMA assistance for recovery for Winter Storm Uri is April 20, 2021. 
• If you need immediate assistance, Critical Needs Assistance from FEMA can be up to $500. 
• Before you apply for FEMA assistance, be sure to:
  • Take photos of your damaged home and belongings – make a list of all damaged items.
  • If you have insurance, first file a claim with your insurance company, then apply for FEMA 
    • FEMA can help you with needs that are not covered by your insurance or give you money while you wait for the insurance money, however, you will need to reimburse FEMA after receiving your insurance money. 
    • FEMA will not cover your deductible. 
• Ways you can apply 
  • FEMA website 
  • Smartphone App 
  • Or call 1-800-621-3362
• Who can apply? 
  • US citizens
  • Non-citizen nationals 
  • Qualified aliens may be eligible 
• Once you apply for FEMA, there will be an inspector visit – as of now, all inspector visits will be conducted virtually. 
• Financial Assistance from FEMA comes from Total Housing Assistance (HA) and Total Other Needs Assistance (ONA). As of now, the max benefit for a single-family is $34,000. However, this amount could change in the future. 
• Other ways FEMA can help: 
  • Provide assistance with temporary housing,
  • Provide rent assistance,
  • Repair your home,
    • FEMA can provide homeowners with a limited amount of help to make their residence safe, sanitary, and functional. 
    • Homeowners who have the means to take out a loan, can also get a government-backed loan to fully repair their home. 
  • Replace personal belongings, and
  • Assist with other expenses caused by a disaster.
• Additional Resources
  • Critical Needs Assistance 

Renter, Homeowner, and Small Business Loans

• SBA disaster loans are available for small businesses, nonprofits, homeowners, and renters experiencing financial hardship due to a disaster.
  • For SBA loans, applicants DO NOT have to wait for their insurance claims to fully settle before applying. 
  • You can apply for Physical Disaster Loans, Home and Personal Property Loans, and Economic Injury Disaster loans. 
• For personal property, renters and homeowners may borrow up to $40,000 to repair or replace clothing, furniture, cars, or appliances damaged or destroyed in the disaster. 
• For homeowners, you may apply for up to $200,000 to repair or replace your primary residence to its pre-disaster condition. 
• Because deadlines vary depending on the type of loan, apply IMMEDIATELY. You don’t need to wait to hear back on claims submitted to your insurance company before applying. 
• Resources 
  • SBA Disaster Loan Assistance 

2020 Tax Return Deadline Extended 

• Due to Winter Storm Uri being declared as a disaster, the IRS is allowing an extension for filing 2020 Tax Returns until June 15th, 2021 for the entire state of Texas. This deadline applies to: 
  • 2020 business returns due on March 15th 
  • 2020 individual and business returns normally due on April 15th 
  • The fourth quarter estimated tax payment due on April 15th 
  • The quarterly payroll and excise tax returns normally due on April 30th 2021, and 
  • Tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17th, 2021
  • In addition, penalties on payroll and excise tax deposits due on or after February 11, 2021, and before February 26, 2021, will be abated if the tax deposits were made by February 26, 2021
• You will also have until June 15th to make 2020 IRA contributions. 
• Casualty Losses 
  • Texas is a federally declared disaster area which means you can claim disaster-related casualty losses on your tax return for either this year (2021) or the prior year (2020). 
  • Individuals may deduct personal property losses that are NOT covered by insurance OR other reimbursements.
• If you do not live in Texas, but were affected by this storm, you can check the current list of eligible localities.
• Resources 
  • IRS Disaster Relief Page 

Other Resources

• For our Austin clients: 
  • Austin City Council approved $10 million in emergency bill relief, effective immediately, for customers experiencing financial difficulty because of Winter Storm Uri and COVID-19.
    • There will be reductions to residential water rates, effective until April 26th, to help mitigate high bills due to above normal water usage. 
    • You will be able to apply a one-time $10 credit on electricity bills issued after March 19th. 
    • Late fees will temporarily be suspended beginning February 12th for all residential customers. 
  • Check out austintexas.gov to find out more. 

Give us a call, we are here to help.

The post Authentic Advice Blog: Texas Winter Storm Resources appeared first on Austin Asset.

At Austin Asset, we make it a priority to unpack recent legislation, and understand the impact on our clients financially. Concerning the American Rescue Plan Act, we will discuss the key elements of this bill, and how it could have financial implications in your life and the lives of others.  In doing so, we will address the impact of this bill on the following key areas: stimulus payments, the Child Tax Credit, Child and Dependent Care Tax Credit, unemployment aid, COBRA, and the expansion of PPP loan eligibility for businesses.

Stimulus Payments

The American Rescue Plan Act included direct stimulus payments of $1,400 to eligible individuals with an AGI of $75,000 or less ($150,000 or less for MFJ).  If you are below these thresholds, you will receive the full amount.  However, if you exceed the AGI threshold of $80,000 for single filers or $160,000 for married filing jointly, you will not receive any of the $1,400 stimulus payment.  Alternatively, if your AGI is in between the two numbers in the phaseout range, you will receive a reduced stimulus payment.  This new stimulus package also expands the eligibility from children under 17 to include all dependents in the household. This includes college students or adult dependents. 

It is important to note that the IRS will determine your stimulus eligibility based on your 2019 tax return, or 2020 tax return if filed.  To receive the stimulus payment, you must not be a dependent of another taxpayer and have a valid social security number.  As far as the payment timeline is concerned, the IRS designated March 17, 2021 as the official stimulus payment date.  

Most people who are eligible for the stimulus payment will receive their payment via direct deposit if this information is already on file, requiring no action on their end.  On the other hand, if you are eligible for a stimulus payment, but your direct deposit information is not on file, you will receive payment in the form of a check or debit card.  If you receive a debit card in the mail, which is called the Economic Impact Payment Card, it should come in a white envelope with the U.S. Department of Treasury seal.  The IRS said this will be a Visa card with MetaBank listed on the back of the card.  If you would like to track the status of your stimulus payment, the IRS has a “Get My Payment” page where you can discover more information specific to your stimulus payment.

Child Tax Credit

The American Rescue Act also temporarily expanded on the Child Tax Credit for 2021.  Households with children under the age of 6 (as of 12/31/21) can claim a $3,600 credit, and children ages 6-17 are eligible for a $3,000 Child Tax Credit.  The thresholds for the Child Tax Credit are below:

• Joint Filers: $150,000
• Head of Household: $112,500
• Other filers: $75,000

Another unique detail regarding the passage of this stimulus bill is that the Child Tax Credit is a fully refundable credit for 2021, which means that you can receive the full tax refund, even if it makes your total tax liability negative.

Although a 2021 tax credit, the IRS is instructed to pay out half of one’s estimated Child Tax Credit for 2021 in equal payments between July 1, 2021 and December 31, 2021.  The IRS will base their estimates on the last tax return on file.

Child and Dependent Care Tax Credit

The Child and Dependent Care Tax Credit can potentially be claimed if you paid expenses for the care of a qualifying individual.  Historically, the total expenses to calculate the credit were based on $3,000 in expenses for one qualifying individual, or $6,000 for two or more qualifying individuals.  Your eligible expenses are multiplied by your “Applicable Percentage” to find the actual credit amount that you are entitled to.  After the passage of the American Rescue Plan, the following changes to the Child and Dependent Care Tax Credit apply:

• Raised eligible expense limit to $8,000 of expenses for one qualifying child and $16,000 of expenses for two or more qualifying children.
• Increased the maximum Applicable Percentage from 35% to 50%.  
• Changed its non-refundable status to become a fully refundable credit.
• Established $125,000 (regardless of filing status) as the AGI where the credit will begin to phase out.  There are two sections of where the phaseout occurs:
  • Between 125k and 185k, the Applicable Percentage phases out from 50% to a 20% floor at 185k.
  • At 400k, the 20% Applicable Percentage is reduced by 1% for every $2,000, which means that individuals and couples will not be able to receive any of the Child and Dependent Care Credit if their AGI exceeds $440,000.

Unemployment Compensation and COBRA

Here are the highlights of how the American Rescue Act affected unemployment compensation benefits:

• Extended Federal subsidies to states providing unemployment benefits to individuals through September 6, 2021.
• Continued the Pandemic Unemployment Assistance program (created by the CARES Act) forward through September 6, 2021.  This program allows certain workers to be eligible for unemployment compensation that would otherwise be ineligible.  
• Increased the weekly unemployment compensation amount to be received by an individual by $300.
• Included a retroactive provision, excluding $10,200 of unemployment compensation in 2020 from tax, given that the uniform $150,000 AGI limit was not exceeded across all filing statuses.
• Implemented COBRA subsidies so that those involuntarily terminated from employment can receive health insurance from their previous employer at zero cost from April through September 2021.  Employers will receive a refundable payroll credit as reimbursement.

PPP Loans for Businesses

Unfortunately, many businesses have suffered financially during the pandemic.  In response to this, the American Rescue Plan expanded eligibility for the Paycheck Protection Program loans for the first or second draw.  As a result, more non-profits will be eligible to apply.  The Paycheck Protection Program, which offers forgivable loans to small businesses due to the pandemic, will receive $7.25 billion as a result of the legislation.  The American Rescue Plan did not extend the March 31, 2021 application deadline.  If you are curious whether or not your business is eligible for a PPP loan between now and March 31, more information can be found here through the U.S. Small Business Administration.

We hope that this information has given you insight into the major inner workings of this bill.  If you have any questions, we will enjoy having a conversation, as we continue to live out our mission to provide authentic advice.

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