Categories
Budgeting Covid Financial Literacy Retirement

Pandemic Economic Pain Hits Women Harder

Too many Americans are struggling with the economic impact of Covid-19. This on top of the pre-existing social conditions that negatively impact women, is making things even grimmer for their retirement, as is explored in this New York Times article.


Unequal job losses now will translate into smaller nest eggs and Social Security benefits down the road.

By Mark Miller

During the first months of the pandemic, Leah Tyrrell found that she could pull off a balancing act: working in sales for a San Diego clothing maker and caring for her three young daughters at home. Her hours had been reduced, and working remotely in the morning left her time to be with the children the rest of the day.

“At the time, I thought I could tackle it,” Ms. Tyrrell said.That changed in Augustwhen her employer started asking people to return full time. Her company was flexible, but something had to give — and since her husband was bringing home a bigger paycheck, she quit work to help her girls, ages 9, 8 and 5, with online school.

“It was a very tough decision, but we just decided that, especially having a third child in kindergarten on the computer, I would need to sit and guide her through what the teacher was talking about,” she said.

Retirement is still on the distant horizon for Ms. Tyrrell, 43, but she hopes the long-term damage to her nest egg will be minimal. She participated in her company 401(k) plan, which had a matching contribution, and aims to resume saving when she goes back to work after the pandemic recedes.

“When I do go back, I hope it will be with a company that provides a match, but I’ll definitely lose at least a year of any kind of savings,” she said.

The hit to her retirement resources — and to those of other women in her shoes — could be considerably deeper.

Policy experts have long acknowledged a gender gap in retirement security. Women tend to earn less than men, and they are more likely to take time off from work to care for children or elderly parents. Even brief career interruptions diminish wage growth, retirement savings and Social Security benefits, which are determined by wage history. Women also tend to outlive men, needing to stretch resources over more years. In particular, they face higher health care expenses in retirement. 

Read the full article here:

www.nytimes.com/2020/12/11/business/women-retirement-covid-social-security.html

Categories
Covid Identity Theft Security

Credit and Identity Thieves Are Exploiting COVID-19

Identity and credit thieves are taking advantage of the confusion during Covid-19 to target consumers in astronomical numbers. There are a few things you can do to protect yourself, including taking advantage of the new relaxed credit check rules that allow you to check your credit weekly for free.


Freeze credit, review credit reports weekly as thieves exploit COVID-19 pandemic

by Connie Thompson | KOMO News

Today, the FBI told the Senate Judiciary Committee that the number of fraud complaints to the Internet Crime Complaint Center (ic3) for the first 5 months of this 2020 is almost the same as for all of 2019.

Scammers and crime rings are tricking people out of hundreds of millions of dollars by exploiting the pandemic.

To quote the FBI’s Assistant Director of the Criminal Investigative Division, “These threats are pervasive and have become more frequent and sophisticated over time.”

The Federal Trade Commission said it’s seeing a rise in identity theft complaints.

“The numbers are very high, particularly in Washington state,” said FTC Regional Director Chuck Harwood.

Freezing your credit is now a top recommendation.

“By freezing your credit report, you make it harder for anyone to use the information on that credit report, it’ll make it hard for them to open new credit in your name,” Harwood said.

But don’t stop there. You can now check your credit for free once a week with each of the three major credit bureaus instead of getting a free report just once a year.

“During the pandemic the credit reporting agencies have loosened the rules further and said that consumers may check each of the credit reports, each week,” Harwood said.

And with scam phone calls on the rise it’s more crucial than ever to …

Read the full article here:

https://komonews.com/news/consumer/freeze-credit-review-credit-reports-weekly-as-thieves-exploit-covid-19-pandemic

Categories
Covid Taxes

State By State Guide To Tax Deadlines For Filing & Payments During COVID-19

Forbes has put together an excellent guide to state-by-state tax filing and payment deadlines. We encourage all our Soesbe Financial clients, as well as the general taxpaying population, to file their taxes sooner rather than later, to ensure that any refunds you are owed can be disbursed in a timely manner.


Your Guide To State Tax Deadlines For Filing Returns & Making Estimated Payments During COVID-19

by Kelly Phillips Erb Senior Contributor Taxes

(Updated: June 12, 2020)

On March 20, 2020, Treasury Secretary Mnuchin extended the tax filing and payment deadline for federal income tax to July 15, 2020. This relief includes estimated payments for the first and second quarters. You can find more information and guidance here.

Some states have also extended filing and payment deadlines – but not all of them are extended to July 15, 2020. Additionally, not all state filing extensions apply to estimated payments (you’ll see the information about estimated payments in bold below). Here’s what we know so far:

Alabama: For taxpayers affected by the coronavirus (COVID-19), the due date for filing state income tax, FIET, and BPT returns and making state income tax, FIET, and BPT payments due on or after April 1, 2020, and before July 15, 2020, is postponed to July 15, 2020. Extension payments and Estimate payments due on April 15, 2020, have been postponed to July 15, 2020. However, the Order does not include estimated payments due after April 15, 2020. For example, a calendar year taxpayer’s second-quarter payment is still due June 15, 2020.

Alaska: Alaska does not have a personal income tax.

Arizona: The Arizona Department of Revenue (ADOR) announced it has moved the deadline for filing and paying state income taxes from April 15 to July 15, 2020. This includes individual, corporate, and fiduciary tax returns. Taxpayers who need more time beyond the July 15 deadline to file state income taxes should consider filing for an extension. Arizona’s delay in filing and paying state income taxes does not include an extension to pay estimated tax payments.

Arkansas: Governor Hutchinson announced the state deadline to file and pay individual income taxes has been extended to July 15, matching the federal extension. Arkansas did not extend the 2020 estimated tax payments. 

California: FTB has postponed until July 15, the filing and payment deadlines for all individuals and business entities for 2019 tax returns, 2019 tax return payments, 2020 LLC taxes and fees, and 2020 Non-wage withholding payments. California has also extended 2020 1st and 2nd quarter estimate payments to July 15.

Colorado: The income tax payment deadline has been extended for all Colorado taxpayers to July 15, 2020. All income tax returns that were required to be filed by April 15, 2020, are granted a six-month extension and are due on or before October 15, 2020. EO D 2020 010 grants an extension of time to pay until July 15, 2020, for any estimated payment due between April 15, 2020, and June 15, 2020, without penalty.

Read the full article here:

https://www.forbes.com/sites/kellyphillipserb/2020/06/10/your-guide-to-state-tax-deadlines-for-filing-returns–making-estimated-payments-during-covid-19/#2c324e2c33c9

Categories
Community Covid Sacramento

Sacramento Area Resources For Elders and Families

As we all do our part to shelter in place during these crucial weeks, there are many among us who require assistance with obtaining necessary services and provisions. The good people over at Safe Credit Union have put together an excellent list to help our community.


Sacramento area resources for 65+ and families

SAFE

by SAFE on March 24, 2020 at 4:01 PM

As the Greater Sacramento area follows shelter-in-place orders and other directives associated with COVID-19, many businesses and organizations have stepped forward to ensure that residents can obtain the basics such as food and health care.

Businesses considered essential remain open, including grocery stores, credit unions and banks, laundromats, hardware stores, and gas stations.

Here’s a list compiled by SAFE to help you find the resources you need. If you don’t see what you’re looking for here, or know of other services provided, please share in the comments below. We’ll be pleased to add them.

FOOD

Food banks

The National Guard is assisting local food banks to distribute food as the number of available volunteers shrinks due to shelter-in-place orders. The Sacramento Food Bank is helping to coordinate food distribution across the area. They advise calling before you go.

Read the full article here:

https://blog.safecu.org/sacramento-area-resources-to-help-you-during-covid-19-situation

Categories
Community Covid

COVID-19: A Good Quarantine Supply List

Sheltering in place during this COVID-19 crisis does not need to be overly stressful with a little planning and some smart shopping. Here’s an excellent list of things for your quarantine preparedness plans, from the folks at realtor.com.

Practice physical distancing, wash your hands often, and wipe down surfaces. Stay safe!

Your Essential Quarantine Supply List: What You’ll Actually Need for a Few Weeks at Home

By Larissa Runkle | Mar 23, 2020

By now you’ve surely heard that store shelves have been emptied of toilet paper and hand sanitizer—and we totally get that that stuff is very necessary in a quarantine. But those aren’t the only things you’ll need to settle in for a few weeks (or more) at home.

So what else do you need? With the number of U.S. states issuing “shelter in place” orders growing, we wanted to put together a definitive quarantine supply guide—before the panic buying gets any worse.

After speaking with several medical and shopping experts, we rounded up the must-have items you’ll need for an extended stay at home—much of which you can buy online (amen!).

Read the full article here:

https://www.realtor.com/advice/home-improvement/coronavirus-quarantine-survival-supply-list/

Categories
Covid Taxes

IRS Quietly Closing Offices During COVID-19 Crisis

For a full list of services and resources still being made available to citizens, visit the IRS’s Coronavirus Tax Relief page at https://www.irs.gov/coronavirus


Kelly Phillips Erb, Senior Contributor Taxes

The Internal Revenue Service (IRS) isn’t shutting down completely – but it’s getting close. Some IRS call centers and return processing centers are closing in response to COVID-19.

COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to Johns Hopkins, as of March 23, 2020, there are 353,692 confirmed cases of COVID-19 in 167 territories and countries. The United States has 35,345 confirmed cases with reported cases in every state; only China and Italy have more confirmed cases.

As a result, on March 13, 2020, the President of the United States issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act

Additionally, several Governors have issued stay-at-home orders. 

Read the full article by clicking directly through to:

https://www.forbes.com/sites/kellyphillipserb/2020/03/23/irs-quietly-closing-offices-during-covid-19-crisis-but-union-says-its-not-enough/#13a7c49e5cf0

Categories
Covid Taxes

Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed. Even though the tax filing deadline has been extended, if you are expecting a refund, the sooner you file, the sooner you will get your money back!

For full and up to date information on the new IRS filing deadline, please visit the IRS website directly at:

https://home.treasury.gov/news/press-releases/sm953

Categories
Covid Taxes

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

The government has pushed back the payment deadline to July 15th. It’s unclear whether existing interest and penalties up until April 15th will be waived. For the full and latest information on deferred payments, go directly to the IRS website:

https://home.treasury.gov/news/press-releases/sm948