I’m back from vacation! It was a wonderful trip to the Poconos with my family and even though I did some work while I was away, it was nice to be doing that work sitting by the lake instead of inside my house. We were able to go to a private beach and social distance, we rented a kayak, a paddleboat, cooked all our own meals, went mini-golfing and even saw a mama bear and her three cubs walking alongside the road.

We made a great plan to come home the Friday of Labor Day weekend, so we had a few days to settle back in before a new week began. I feel refreshed and ready to take on September.

This month actually starts a stretch of family birthdays spanning the next few months. Normally, we are all together often for cake, but this year will look different. It got me thinking that a lot of cake all at once isn’t always the best idea and it’s more enjoyable to spread out that kind of a treat.

This goes along perfectly with what is happening right now with the Payroll Tax executive order that began September 1st. If you haven’t heard, basically employers have the option to implement a tax deferral through 12/31 so their employees will have more in take home pay. Lots of cake up front.

BUT…this money still needs to be paid back starting in January, so while it may seem great having the extra money right now, it is not without consequence.

The IRS has many rules and regulations around this order, which you can read about it in more detail here. Some of the main things to note is that employees must make under $104,000 on an annual basis to be eligible. And, if as an employer you offer this deferral and an employee leaves the company, you may be on the hook to pay back the tax money owed.

I see it as a lose/lose situation all around.

Speaking of taxes, estimated taxes are due today. As for filing 2019 taxes, even if you had an extension and haven’t filed yet, you still need to make your estimated payments for 2020, so you don’t fall behind.

If you received unemployment this year, only 10% was taken out, but you could owe more, depending on your tax bracket. Be prepared and talk to your tax accountant.

The PPP Loan is still up in the air with respect to forgiveness. It’s possible that $150,000 or less could be forgiven, but pay attention to changing news.

It’s the end of the third quarter, what are you planning for the fourth? Have you reset your financial goals? This has been an unexpected year, so your goals have definitely shifted. Check in with your budget, expenses, plans and start working toward 2021.