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June 12 2020 Why Budgeting Often Fails

Download our latest article, Why Budgeting Often Fails. Many people know how to make a budget. It’s living by one that often fails. Why is that? It turns out the reason is nothing profound. Change begins with a “why.” Can the reason for change be a deeper spiritual life? Jesus makes a compelling case for change. What’s your “why?”

March 19 2020 Tax Return Extension Community Announcement

The IRS has announced an automatic 3 month extension to pay when your tax return is
timely filed or an extension to file is timely filed. Extensions to file are due April 15th.

As a community service, we’re happy to prepare extensions to file at no charge. #zacchaeus #waynesville #wnc

PLEASE NOTE: North Carolina and other states have not yet announced an extension to pay.

If you are unable to get to our office or one of our tax clinics or are concerned about getting out,

you may mail or fax your information to our office.

We will need the following:

  • Name, address, SSN and DOB for you, spouse (if married), and dependents (if claiming)
  • W-2, 1099 or other records of income and capital gains (Social Security retirement and disability payments count as income)
  • Record of deductions and any estimated tax payments
  • Form 1095A if you had Marketplace Insurance
  • Copy of your and spouse (if married) driver’s license
  • Your contact information, including phone number

R. Joseph Ritter, Jr., CFP® EA
Zacchaeus Financial Counseling, Inc.
a 501(c)(3) non-profit organization
75 Oak Street, Waynesville, NC 28786
(866) 862-2220 • fax (971) 244-5378

February 27 2020 Free Financial and Tax Clinics

Free Financial Clinics and Free Tax Clinics are available through April 15th in the following communities:

Hayesville, NC
Murphy, NC
Bryson City, NC
Robbinsville, NC

As always, our office in Waynesville, NC is available as well.

January 15 2020 SECURE Act Explained

With passage of the SECURE Act, immediate attention should be given to retirement planning. The Act brought the following changes:

  • Eliminated the age limit on IRA contributions — individuals over 70 1/2 with earned income can benefit from deducting contributions to traditional IRAs.
  • Required Minimum Distributions are now to be taken at age 72, although this is not retroactive.
  • All non-spouse beneficiaries who are individuals and were designated as beneficiaries must take distributions over 10 years. Stretch IRA provisions were eliminated, with few exceptions.
  • 529 Plans also allow a maximum of $10,000 per year in tax-free distributions for student loan repayment. 

We’re happy to schedule a free consultation to discuss these changes with you.