Face it, podcasts are all the rage. From the ubiquitous nature of podcasts, we have to assume they are here to stay. Personally, I am not a big fan. Sure, many are entertaining and educational, but you have to go looking for a specific item, and then sit through it, pretty much dedicated for the duration. Call me “old school,” but some of us are not programmed to look for a specific podcast among an ocean of people and topics.

TCJA, the Tax Cuts and Jobs Act of 2017 was a reflection of the policies of a newly elected President and his Administration. Although the law was passed in the first year of the Trump Presidency, it took effect at the beginning of the second year. That is the privilege and usual practice afforded to winners of national elections, subject to approval by Congress, and, if challenged, the Supreme Court. Generally speaking, a new President gets passed a reasonable portion of the winning platform.

The most important takeaway from the current extension is that it applies only to 2020 tax filings and payments. 2021 taxes are due on the usual dates, which, for many people simply means routine payroll withholding. For taxpayers who file quarterly tax estimates on Form 1040-ES, 2021 payment dates are April 15, June 25, September 15, and January 15 (2022). These payments are the focus of today’s Blog.

Financial advisors are divided into myriad designations, descriptions, business models, and offerings. Most of the categories are filled with glorified salespeople, making a living by earning sales commissions on products or transactions. Many of them are quality people, providing fine products and services, and making a good living. Others, not so much. How is an average consumer to know?

In last week’s blog post, we reported that taxpayers would probably not be granted an extension to file 2020 tax returns. After last year’s 3-month delay for 2019 returns, the customary April 15 deadline looked like a sure thing this time. However, many politicians and taxpayers had requested to have the entire U.S. population receive another delay. In Texas, winter storm-affected taxpayers had been granted a full delay until June 15, 2021, including for required 2021 tax payments.

Right now, there is a push in Congress to emulate 2020 by delaying both filing and paying dates. Due to an unusually harsh winter storm in the South, taxpayers in designated disaster areas have been granted a delay for their 2020 taxes. For affected people, business tax returns, personal tax returns, IRS deposits, taxes owed for last year, and 2021 Quarterly Estimate #1 (Form 1040-ES) are delayed until June 15, 2021. The rest of us will apparently be held to the usual April 15 date (extendable for filing, but not for paying).

Electric Vehicles, or EVs, are already here, and gaining market share every day. Before internal combustion engines became the norm, electric vehicles were very popular. By 1900, about 1/3 of all vehicles on the road were electric. Sales remained strong for a few years, during which gasoline engines began to gather market share. However, increases in the availability of electricity to consumers also fueled (again, pun intended) the EV market.

Beverly Hills High School produced a lot of crude oil for over 20 years. Wait, did you say, “Beverly Hills High School?” Yes, I did. For about 22 years, a large oil derrick on the campus of BHHS pumped hundreds of thousands of barrels from a very rich oil reserve under Los Angeles County. The BHHS derrick was wood-covered and brightly painted, and flaunted the moniker “Tower of Hope.” The well was closed in 2018 due to pressure from environmentalists.

For millions in America, and in countries around the world, one answer to closing the gap has been a “side-hustle.” Having a supplementary money-making gig has allowed many ambitious Americans to maintain, or even enhance, their lifestyles. Perhaps surprisingly, many people profess to enjoy their alternative employment for more than financial reasons; freedom and flexibility are most often mentioned.