Tax No Tuesday Episode 63: If You Are Broke, Try This!
Welcome to TaxNoTuesday!! Under the CARES Act, individuals impacted by coronavirus can access up to $100,000 from their 401(k)s and IRAs with fewer consequences than usual. Typically, the penalty for withdrawing from a 401(k) before the age of 59½ is 10% of the distribution, plus an automatic withholding of at least 20% for taxes. But with the passage of the CARES Act, that all changes in 2020. resource: www.irs.gov/ Bonus! Subscribe on our YouTube: WYCOTAX and receive ($110 value) 1-hour FREE consultation of our outsource bookkeeping, tax and payroll services. Free COVID-19 Relief Summary PDF Download: www.wycotax.com/ Outsourcing your tax, payroll, bookkeeping and COVID-19 relief to WYCOTAX will give you more time and financial freedom. It helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business. Moreover, you will find more time to provide value for your clients. The more satisfied clients you have, the more referrals they will generate. Outsource TODAY! Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is a profit company and not associated with any aforementioned institution.
