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It's not what you earn, it's what you save.  Discover how you can change your financial life one penny at a time.

The Incredible Penny

Welcome to our new blog about personal finance. We're going to talk about everything money-related so you can make better decisions when it comes to your finances.

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How to get a live agent on the phone at the IRS

By Travis Sickle, CFP®, EA® // Feb 9, 2021

If you’re having trouble getting a live agent on the phone at the IRS you are not alone.  It’s extremely frustrating when you have tax questions and need to speak to someone at the IRS.  Here is exactly how to get a live agent on the phone at the IRS. The phone number for the…

PPP 2nd Draw: 7 Mistakes to Avoid

By Travis Sickle, CFP®, EA® // Jan 27, 2021

The SBA document from the video is here. The PPP 2nd Draw Application from the video is here.

The American Rescue Plan Text

By Travis Sickle, CFP®, EA® // Jan 15, 2021

Here is the text for the American Rescue Plan.  We will have a video up here shortly breaking it down.   If you are a small business owner, self employed, independent contractor or on a marketplace plan you should take a closer look at the American Rescue Plan Act.  The new act has a marketplace…

PPP Second Draw Loan Requirements

By Travis Sickle, CFP®, EA® // Jan 14, 2021

A quick recap of the criteria that’s important. 25% reduction in revenue year over year or comparing any of the 4 quarters from 2019 to 2020. It’s a necessity that you actually need this money. You used ALL of the first round of the PPP money on APPROVED expenses. There is other criteria but these…

Stimulus Check and Stimulus Package Bill Text

By Travis Sickle, CFP®, EA® // Dec 30, 2020

Here is the text for the stimulus check and stimulus package that was signed by President Trump on Sunday December 27th, 2020.   Page 784. Subtitle B-COVID-related Tax Relief Act of 2020.  This is the beginning of all the information covered for individuals and the pandemic relief. Page 797. Sec. 274. Extension of certain deferred…

529 College Savings Plan: Target Date Funds

By Travis Sickle, CFP®, EA® // Dec 15, 2020

529 College Savings Plan Gifting

By Travis Sickle, CFP®, EA® // Dec 7, 2020

I was setting up my youngest daughters 529 College Savings Plan the other day and saw a gifting link on the 529 plan website.  I’m always being asked how much to set aside for college and what are the best plans and strategies.  But most of those strategies are funded by you and thought maybe…

529 College Savings Plan Cost Calculator

By Travis Sickle, CFP®, EA® // Nov 30, 2020

Here is the link to the 529 Plan cost calculator.  The link originated on the Utah 529 Plan but they are not the designer or responsible for the data.  It is accurate but I wanted to point that out because I did mention it in the video. https://tools.inviteeducation.com/tools/college_savings_estimator?client_id=209

Unemployment Update November 25th 2020

By Travis Sickle, CFP®, EA® // Nov 25, 2020

Unemployment Update November 25th 2020. https://www.dol.gov/ui/data.pdf The initial claims for unemployment increased by 30,000 which is not surprising given the new restrictions for businesses around the country.  The market is at an all time high suggesting that unemployment may revert the trend back down toward pre-pandemic levels. The unemployment report is much different as an…

PPP Loan Forgiveness Application Simplified

By Travis Sickle, CFP®, EA® // Oct 11, 2020

The PPP Loan Application

Unemployment Update August 28th [Trump Executive Order Unemployment]

By Travis Sickle, CFP®, EA® // Aug 28, 2020

In this video I’m talking about the Stimulus Package update with the Trump Executive Order on Unemployment. Which states are approved for the FEMA $300 unemployment and which states are approved for $400 unemployment. The minimum qualifications to receive the Executive Order Unemployment benefit is $100 from the existing state or federal unemployment benefits. The…

How to hire your child [Tax Deduction]

By Travis Sickle, CFP®, EA® // Aug 11, 2020

IRS Family Help page   The SBA website, “5 reasons to hire your child.”   FLSA Child labor Rules   Rules for working under 14   Child labor exemptions from The US Department of Labor   How and where to apply for your businesses EIN on the IRS website.   The 17 Hazardous Occupations by…

Trump Payroll Tax Deferral

By Travis Sickle, CFP®, EA® // Aug 9, 2020

Here is the White House Memo on the Payroll Tax Deferral   Here  is the code for the Treasury Secretary Power to delay Payroll taxes 26 U.S. Code § 7508A. IRS site for CARES ACT section for deferral of employment taxes   Here is the tax code for social security 26 U.S. Code § 1401.Rate of tax

Second Stimulus Check Update July 30th

By Travis Sickle, CFP®, EA® // Jul 30, 2020

Here is the interview with President Trump on the second stimulus check July 29th 2020 https://myfox8.com/news/president-trump-says-second-stimulus-check-may-go-higher-than-1200/

How to calculate your second stimulus check

By Travis Sickle, CFP®, EA® // Jul 28, 2020

here is the link to the second stimulus check calculator I used in the video.   https://www.masslive.com/coronavirus/2020/07/second-stimulus-check-calculate-how-much-money-you-could-get-from-the-heals-act-coronavirus-relief-bill.html