NEWS FLASH: The deadline to file taxes has been extended to May 17th.
“Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17th”.
As you gather tax documents in preparation for filing by the new deadline of May 17th, this is an excellent time to review your spending habits and create a savings plan and emergency fund if you don’t currently have one.
Financial Literacy Month
The month of April was designated Financial Literacy Month by Congress in 2004 to raise public awareness of the importance of financial literacy and maintaining smart money management habits.
During this month, hundreds of organizations across the country—including businesses, financial institutions, schools, libraries, nonprofit groups, government agencies, and the media—come together to stress the importance of financial literacy.
National Financial Literacy month is recognized each year during the month of April. One of the special events promoting financial literacy that will occur this month is Money Smart Week, which begins on April 10th and extends through April 17th.
In order to ensure everyone’s safety during the pandemic, all sessions during Money Smart Week will meet virtually and will focus on individuals and families hit hardest by Covid19.
Another way to celebrate Financial Literacy Month is to take the 30 day challenge offered by Money Management International. They provide 30 days of financial steps that will help to improve your understanding of finances and increase financial literacy for many.
There will be many opportunities to increase your financial knowledge during the month of April as well as throughout the year.
AADMM will continue to provide a Financial Tip each month so stay tuned!