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Taxes & Personal Finance: Some Pro Tips From Nicolas And Leah Abrams

Form 1040_IRS.jpg
Because of the pandemic, the IRS extended the deadline for filing your 2020 Federal Tax Return until Monday, May 17. MD income taxes are due July 15.

With COVID still impacting many family budgets, Tax Day advice from two married financial professionals.

The worst of the COVID-19 public health crisis might be behind us, but the pandemic's economic impact remains significant. With more than 8 million people still out of work across the country, the most recent jobs report showed considerably fewer jobs added than had been expected. Even before the pandemic, the Federal Reserve reported that 40% of Americans do not have enough savings to cover an unexpected expense of $400.

But economists are hopeful that a recovery is on the way, due in part to congressional stimulus packages, and a loosening of COVID-related business restrictions.

For the super rich, the pandemic has meant profits. The Institute for Policy Studies estimates that 651 American billionaires added $106 trillion dollars of wealth to their portfolios in the first nine months of the Coronavirus crisis.

That wealth has largely been animated by a stock market that came roaring back after dropping precipitously in the early months of the pandemic last year. The S&P Index grew an astonishing 68% from March of 2020 to March of 2021.

What does that mean for individual investors who are saving for retirement, education expenses, a new house, or other big ticket items? Does COVID present savings and investment opportunities for small investors as it has for wealthy investors? What changes in the tax code are important to keep in mind this year?

Today on Midday, it’s Midday on Personal Finance.
Tom's guests are a married couple who each head their own company specializing in investing and tax preparation.

Nicolas and Leah Abrams
Nicolas Abrams is a CFP and the founder of AJW Financial Partners. Leah Abrams is a CPA who heads L. Abrams and Company.

Nicolas Abrams is a Certified Financial Planner and the founder of AJW Financial Partners. Leah Abrams is a Certified Public Accountant who heads L. Abrams and Company.

They join us today on Zoom for the hour to answer your questions about investing and taxes.

Host, Midday (M-F 12:00-1:00)
Rob is Midday's senior producer.