Hello,

Did you know March 31 is World Back Up Day?  A day to focus on safeguarding your data, digital photos, and vital documents so your kids, grandkids, and even great grandkids can see that silly picture of “Uncle Joe” someday or the recipe you scanned from “Auntie Beth”.

Most computer industry experts recommend a 3-2-1 rule for data backup.  This rule advises three copies of data: two stored locally and- one kept off-site. 

That typically means one copy on your original device (e.g., phone, computer, laptop) a second duplicate on an external drive or device, and a third copy on a cloud-based service (a virtual or internet-based file location).

Regardless of your phone, tablet, or computer’s shape, size, or brand, and whether you use it for business or personal reasons, a routine plan for data backup is critical.  We have all encountered a time when our device has malfunctioned, unforeseen incident (drops, spills, pet or child “helping”, etc.), or mishandling.  Whatever the reason, a backup regimen can reduce risks and save time and frustration.

If the thought of a computer backup feels like a daunting chore, keep in mind there are plenty of tools out there to make the task simple and relatively fast.  Here are a few resources to walk you through a routine backup:

Microsoft:  How to backup or transfer your data on a windows-based computer.
Microsoft:  Backup your windows PC
PC Magazine:  The Beginner’s Guide to PC backup
PC World:  3 Easy steps anyone can take now to backup a PC
 
Computer Maintenance Checklist:

1. Backup data to ensure against data loss, device failure, or theft (information or device).
2. Padding is protection.  Look for cases or skins to protect against physical damage.
3. Update operating systems and virus protection services to guard against hacks and viruses.
4. Unplug to avoid overcharging.  Yes, batteries drain as you use the device but if you keep them plugged in all the time, the batteries deteriorate.  It will soon appear as if the device does not hold a charge for very long.
5. Organize your files, update your passwords, and get rid of old or junk files and data.

At Eagle Wealth, data privacy, data security, and computer backups are part of our process.  On this World Backup Day, we encourage you to protect your digital information with a backup and check in with us if any of your important data has changed since we last met.
 
Until next week,

Your Eagle Wealth Team
 

Keep These Tips In Mind When Selling A Home 

If you are selling your home, you may be able to exclude the sale’s capital gain from your tax return. The first thing to consider is the home’s ownership and use. To claim the exclusion, you must have owned the home and used it as your primary residence for at least two years.

When you own more than one home, you can exclude only the gains from the sale of your primary residence (up to $250,000 for single filers and up to $500,000 on joint returns). You can choose not to claim an exclusion, in which case you must report the gain on your tax return. However, if you experience a loss in selling your home, the loss may not be deductible.

Some taxpayers may also need to report forgiven or canceled debt as income on their tax return. For example: A foreclosure (or other processes in which a lender forgives or cancels mortgage debt) would be considered income on the sale of the home.

*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov8
 

The Week on Wall Street

Stocks posted their best week of the year, sparked by news that the dovish Fed decided to keep rates steady and signaled three rate cuts were still possible this year.

Stocks Bounce Back

As widely expected, the Fed left rates unchanged at the conclusion of its two-day meeting. But somewhat less expected, the Fed signaled its inclination to cut interest rates three times this year—each time by a quarter percentage point. That was a positive surprise for some, who worried that recent hot inflation reports would cause the Fed to reconsider its stance.¹

Markets pushed higher Wednesday following the news, with all three averages closing at record highs. The rally continued through Thursday, boosted further by news that existing home sales rose 9.5 percent in February.^2,3

The week’s rally was broad-based overall, with 10 of the 11 S&P 500 sectors posting gains (health care dropped slightly). At one point late in the week, nearly one in four S&P 500 stocks were trading at 52-week highs. That was the highest proportion in three years, which supports the idea that the rally was broadening out from mega-cap tech stocks.⁴

Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance.
Source: YCharts.com, March 23, 2024. Weekly performance is measured from Monday, March 18, to Friday, March 22. ROC 5 = the rate of change in the index for the previous 5 trading days. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.