Updated as of 4-20-20:

Pennsylvania Self-Employed, Independent Contractors: Apply NOW for Unemployment Benefits:

You can now apply for PUA, expanded eligibility for individuals who have traditionally been ineligible for unemployment benefits (e.g. self-employed workers, independent contractors, gig workers). Go to the PA Website to apply now: https://www.uc.pa.gov/unemployment-benefits/file/Pages/Filing-for-PUA.aspx

Stimulus checks are being deposited as we speak. To check to see the status regarding your check or to add banking information check out the  website that the IRS has set up:

https://www.irs.gov/coronavirus/economic-impact-payments

 

 

Deadlines for 2019 Tax Returns & 2020 Estimates:

Regarding payments with the 2019 Federal 1040:

If you have a coupon and instructions from us to pay by April 15th, that payment date is postponed to July 15th.  You can make that payment anytime up to that date.   If you scheduled a payment as part of filing your tax return (an authorized electronic funds withdrawal), that payment WILL NOT be automatically rescheduled.  You may cancel your payment by contacting the U.S. Treasury Financial Agent at 888-353-4537.  If you do so, contact us and we will supply a payment coupon and mailing instructions.

 

Regarding 2020 estimated payments:

Second quarter 2020 estimated income tax payments are still due on June 15, 2020.

First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020.

 

Regarding IRAS and HSAs:

Contributions can be made to your IRA, HSA or SEP, for a particular year, at any time during the year or by the due date for filing your return for that year.  Therefore, the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA,HSA and/or SEP for 2019 is also extended to July 15, 2020.

 

Additional information is available on our website and the following link:

https://www.irs.gov/coronavirus

 

States and Local:

Generally speaking, PA & NJ follow Federal guidelines; hence those State income tax returns and payments are likewise now postponed to July 15th, 2020.   NY has also extended its deadline to match the Federal deadline of July 15th.

 

As for local filings in PA, both Keystone and Berkheimer have extended their due date and payment deadlines to July 15th.  The City of Philadelphia is also honoring the extended due date.

 

 

Tips on how to save money the next few weeks:

 

  • Review your mortgage statements. Interest rates are relatively low. It may be time to consider a refinance of your home(s).
  • Do you pay Private mortgage insurance (PMI)? Again review your mortgage statement. You can request the lender remove PMI when the loan balance reaches 80% of the value. In fact, the lender must automatically do this when the mortgage balance has dropped to 78% of the original purchase price. Contact the loan provider. We have also been monitoring this for our clients while preparing your tax returns this season to see if applicable.
  • Have gift cards stock piled from the holidays? Now is a good time to use them.
  • Clean the house or office. Save on the cleaners this month, and instead ask/hire them for a “deep” cleaning of your home and business.
  • Clean out the closet and garage and gather items that you can donate. When you bring to the donation center, make sure to have a card filled out and to notate for us next tax season the drop centers business name, address and a list of what was donated. We can complete a form that may increase your charitable donations for 2020.
  • Review credit card bills and cancel unnecessary subscriptions.
  • Stores are low if not out of cleaning supplies. Make homemade hand sanitizer…Check Pinterest and other DIY platforms for creative ideas on homemade cleaners and sanitizers. Here’s one: https://www.popsci.com/story/diy/diy-hand-sanitizer/
  • Invest in yourself….Read a book, download audible.com and listen to a good self-help read.
  • Painting is a home project that can be done yourself and with the family. If you have a room that needs to be painted, consider painting it yourself.
  • Did you rush to the store to stock up last week? If you are a panic shopper, chances are you are a panic seller of investments. Check in with your financial adviser before panic selling.
  • Not able to get to the liquor store? Save money and drink a Hank’s!