Month: April 2020

2020-04-14T11:01:00

(BPT) – The novel coronavirus, or COVID-19, is changing our lives in many ways, including how we file our income taxes. The IRS has announced some changes that impact your 2019 income tax return.

On March 27, Congress approved a $2 trillion emergency economic aid package to help Americans withstand the COVID-19 pandemic, which includes the measures outlined below.

Robert Fishbein, vice president in Prudential’s Tax Department, shares what you need to know:

Do I still need to file my tax return by April 15?

No. The IRS postponed the income tax filing deadline to July 15, allowing taxpayers more time to prepare their tax returns, since COVID-19 may make that more difficult.

If I owe, do I need to pay all my income tax due by April 15?

No. Under normal circumstances, if you apply for an extension to file your tax return, you still must pay your tax liability in full by April 15. However, since the IRS postponed the April 15 due date to July 15, you do not have to pay the income tax due until July 15. Also, no penalty and interest will be assessed during that time. The government is trying to make sure that people have more liquidity in the short term to manage financial costs associated with COVID-19.

What if I am self-employed and pay self-employment tax?

The postponement applies to self-employment tax as well as income tax. You do not have to pay any self-employment tax due until July 15.

What if I pay estimated tax?

If you pay estimated tax, your first required payment for 2020 is due April 15 under ordinary circumstances. However, the April 15 payment due date for estimated tax has also been postponed to July 15.

What if I am expecting a refund?

If you are expecting a refund, you should probably still file your income tax return as soon as you can. Filing sooner rather than later will start the process of getting your overpaid tax back to you so you can use it as needed.

When is the last day I can make an IRA contribution?

Because the due date of your income tax return was postponed to July 15, you have until July 15 to make an IRA contribution for 2019. The IRA contribution deadline is tied to the due date of your income tax return, and the government purposefully postponed that date to allow you more time to decide whether to make an IRA contribution for 2019.

Does the IRS tax filing and payment postponement apply to state and local income tax obligations?

No. Each state can establish its own rules and may or may not follow the IRS approach.

What else?

Congress has passed and the President has signed into law the CARES Act, which is intended to provide more financial flexibility to manage COVID-19-related costs. There are several tax and retirement provisions of interest, such as:

1. Recovery checks of up to $1,200 for a single taxpayer and $2,400 for a married couple. Note these amounts are phased out and not available for high-income taxpayers.

2. Suspending required distributions from IRAs and retirement plans for 2020.

3. Waiving the 10% early withdrawal penalty tax for distributions up to $100,000 from IRAs and retirement accounts for COVID-19-related reasons.

4. Allowing the payment of income tax over three years for amounts withdrawn from IRAs and retirement accounts for COVID-19-related reasons.

5. Allowing a three-year period for recontribution of the funds withdrawn from IRAs and retirement accounts for COVID-19-related reasons.

6. Allowing a $300 deduction for charitable cash contributions, whether or not the individual itemizes deductions.

7. Allowing reimbursement for menstrual care products and previously disallowed over-the-counter drugs under Flexible Savings Accounts and Health Savings Accounts.

The IRS change and CARES Act provide needed relief for many people. If you have questions, make sure to talk with your personal tax advisor.

Prudential Financial, its affiliates, and its financial professionals do not render tax or legal advice. Please consult your tax and legal advisors for advice concerning your particular circumstances.

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2020-04-14T11:01:00

(BPT) – Bob Dylan once sang, “For the times they are a-changin’,” and that has perhaps never been more true than it is today. The COVID-19 pandemic has introduced new phrases like social distancing to the general population, and has also redefined both work and family life, creating a new normal.

This adjustment is not an easy one, keeping most folks from daily interaction with family and friends. The good news is there are ways you can still spend time with those you care about, all while practicing the nuanced art of social distancing.

Start new traditions while supporting those in need

While traditional dining out is not currently possible, it’s the perfect time to start a new tradition around mealtime. Noodles & Company now offers family meals that you can conveniently order online and pick up either via quick pick-up or the new curbside pick-up, which is available at nearly 350 locations nationwide. Additionally, you can also enjoy free delivery through April 30 when ordering directly from Noodles.com or by using the Noodles app, which makes staying at home even easier.

Plus, for every family meal ordered, Noodles & Company will donate one regular entrée to a healthcare worker in an effort to give back to those who deserve it most right now. So, it’s time to get menu-browsing and pick which tasty option your family can enjoy for lunch or dinner today. Cultivating connection is now more important than ever, and the new family meals make it easy to connect with loved ones over a warm and delicious bowl of noodles, whether they’re miles away over a computer screen or across the table. No matter the distance, Noodles can help your family focus on what matters most: company.

Schedule virtual activities

While it may seem easy to connect with family and friends while homebound, many have found it to be quite difficult.

Instead of trying to find additional time in the day to connect with those you love, a great alternative is to leverage the existing time you once allocated to other activities before social distancing took effect. This time can then be spent with loved ones by enjoying activities via video chat.

For example, if you used to take lunchtime walks with coworkers you can now spend that time enjoying a virtual workout class together. If you used to attend happy hours or other group activities with friends or family, you can now take part in online games, courses or virtual book club meetings instead.

Commit with your friends and family to stick with your favorite activities and routines and you’ll be reunited together in person before you know it.

Switch up story time

If you have little ones at home, they are likely missing the loved ones they are used to frequently seeing in person. One of the easiest ways to incorporate these people into your children’s lives in a meaningful way is to reinvent the story time portion of their bedtime routine. Instead of tackling the story yourself, have a loved one read to them instead via video conference. Whether you flip the pages for your guest reader or they read a book from home across the screen, it’s a simple activity that’s sure to bring everyone closer together.

Embrace traditional communication

In times like these, the communication you send with a personalized touch will resonate with loved ones the most. Writing a letter or sending a care package creates a one-of-a-kind nostalgic feeling the recipient is sure to appreciate. Plus, you don’t have to live entirely in the present. Using letters to plan for future events and vacations can be a great way to reduce stress during uncertain times and can be a promising light at the end of the tunnel.

Social distancing shouldn’t mean isolation. Employ the tips above and be proactive in your efforts to connect with loved ones to strengthen the relationships that matter most.

2020-04-14T11:01:00

(BPT) – While you take care to limit social interactions and wash your hands to prevent the spread of the coronavirus, you also need to take steps to protect your finances and identity. Scammers are now taking advantage of the COVID-19 pandemic to lure victims in with new phishing scams.

“We know consumers are managing their money and finances online, so it’s more important than ever to raise awareness of smart security practices,” says Vice President of Security at Navy Federal Credit Union, Chip Kohlweiler. “Being proactive and learning about your security is a great step toward keeping your accounts and information safe. There’s a good chance your bank or credit union has resources available for you to learn about how to identify scams, which is a great place to start.”

Phishing remains one of the top ways cybercriminals get access to your identification and financial information. Using phone calls, emails and even copycat websites, scammers are creating content that appears official and related to COVID-19 — tricking you into revealing personal information like bank account numbers, login IDs and passwords. At the same time, by clicking a link, you may also unknowingly download malware that infects your computer and captures your data.

“Just because caller ID shows your financial institution is calling, do not provide information such as one-time passcodes or PIN to the caller. Additionally, phony links in emails can be a major threat to your system. If you don’t know the sender, a general rule of thumb is don’t click any links in the email,” says Kohlweiler.

Here are a few tricks scammers are using in their phishing attempts:

Names of real companies

Phishers often use legitimate company names and copy the look of official websites and emails to fool you. Right now, they’re even sending out correspondence that looks like it’s from the World Health Organization, local governments or other trustworthy sources.

Be wary of unexpected emails from a “company employee” looking for information.

Threats and urgent messages

“Urgency is a big red flag. While you may have an urgent need, you should always validate it. If it’s in regards to one of your accounts, call the company associated with the account from a number on their official website, or on a recent paper statement, to confirm if urgent action is needed,” Kohlweiler advises.

Official-looking URLs

Sometimes the URL (web address) will look right, but instead of taking you to your intended website, it will lead you to a copycat website. Check to see if the URL begins with https://, which indicates a site is secure. Most phishing scams won’t have a secure website. Never click on a URL within an email; instead, type the official URL into your browser.

Wire transfer requests

In these scenarios, a scammer sends what appears to be a legitimate email requesting a wire transfer to cover title, escrow or any number of other costs. Unfortunately, money you transfer as a result of the fraudster’s email ends up in the fraudster’s bank account — and you’re not likely to get it back. If you receive such a request, call your financial institution to verify that it has made this request.

“Once you know what to look for, you can start to use some best practices to avoid these scams,” adds Kohlweiler.

1. Set up your accounts for success.

Using strong passwords (never the same for different sites), setting up transaction notifications and ensuring your contact information stays up to date with your financial institution are all easy ways to enhance your online security.

2. Call and verify.

Be sure not to use a number provided in a suspicious email or even in the Caller ID. Use numbers on your statements or policies or from the official website.

3. Look for bad spelling.

Phishing emails often have unnatural or incorrect grammar and misspellings. Keep an eye out for grammar and spelling mistakes.

4. Beware of links.

It pays to be wary of emails you’re not expecting. If you’re suspicious of an email, don’t click on any links or buttons in the email. Hover your mouse over the link and see if the address that appears matches the link typed in the message. If it doesn’t match, don’t click on the link, as it could take you to fraudulent websites or download malicious software.

5. Read your statements.

This can help you detect fraudulent transactions faster if your identity is stolen.

6. Increase your security.

Consider using a password manager solution to improve your security posture.

7. Use a different computer.

If you find fraudulent transactions on your account or suspect your info has been compromised, use a different computer to change your passwords. And, make sure you notify your financial institution right away.

8. Keep up with the news.

Stay up to date on news of phishing attacks to protect yourself. Anti-phishing organizations, such as Anti-Phishing Working Group, provide lists of new and current phishing scams.

2020-04-14T11:23:01

(BPT) – To say these are challenging times is a vast understatement. In the course of just weeks, everyone’s lives have been completely disrupted, routines have been upended and the world is still reeling as everybody struggles to figure out what it all means — both in terms of their daily life, and for the future. But one thing hasn’t changed — everyone still lives on planet Earth. This makes it even more important today for everyone to be pulling together.

The 50th anniversary of Earth Day this spring gives the world an opportunity to recognize the importance of everyone combining their efforts and working toward a better future — for the planet and for all its inhabitants. Now is the time to think globally, and to take action to ensure the health of the planet and its people.

One thing has become clear: What happens in one part of the world affects everyone else. This is true when it comes to health crises, and it’s also true for environmental health. On Earth Day, take time to think about how each action an individual takes can impact the world as a whole.

For example, with the unfolding of the current health crisis, people worldwide have decreased their travel and commuting, and those changes have begun to show visible environmental impacts. Air quality has drastically improved in areas that were among the first to shut down, such as China, Italy — and now in Los Angeles. While shutting everything down is clearly not desirable nor practical, it simply shows that actions can have clear consequences.

Here are three actions individual consumers and companies can take today that will help protect our planet moving forward.

1. Choose ENERGY STAR certified appliances and other products for use in your home.

Products that earn the ENERGY STAR label are independently certified to save energy, and to help protect the climate. Each day, 800,000 Americans make their individual energy choices count by choosing ENERGY STAR certified products for their homes. Those individual choices add up to a dramatic impact when they’re combined.

2. Switch to green power and renewable power sources as much as possible.

Now it’s more important than ever to conserve our resources and prevent needless waste. Wind power provides the largest renewable generation capacity in the United States today, creating enough electricity to offset the energy consumption of 25 million average American homes. And there’s currently enough solar power installed in the U.S. to power over 5.4 million average American homes. Imagine what even more investment in renewable energy from people all over the country could do.

3. Opt for electric vehicles plus energy-efficient, ENERGY STAR certified vehicle chargers.

With today’s advances in electric vehicles, consumers can take advantage of even more options, including longer driving ranges and quicker charging times than ever before. Matching a new electric car with an energy-efficient ENERGY STAR certified charger provides even more environmental benefits. This is just one more example of making a choice that works in solidarity toward the common goal of a healthier planet.

ENERGY STAR and the Green Power Partnerships program are all working toward these goals. Several organizations are taking steps to pave the way to a clean energy future — and inspiring others to act — including Best Buy, Colgate-Palmolive Company, Dell, Hewlett-Packard Company, Johnson & Johnson, MetLife, Google, Target, Microsoft and Samsung Electronics. These companies are partnering with the Environmental Protection Agency to sell energy-efficient products, improve the energy performance of their buildings, offset greenhouse gas emissions and support expansion of renewable energy.

Each individual’s effort adds up to great results, worldwide. The sum total of everyone working together to conserve our resources and make the most of what we have will make all the difference. Thinking globally moving into the future will help ensure that the planet and its people not only survive, but thrive. Protecting our planet starts with all of us.

To learn more about ways to make a difference and to mark the anniversary of Earth Day, visit energystar.gov/EarthDay.

2020-04-14T12:05:00

(BPT) – With everyone spending more time at home, the kitchen is becoming a major hub for daily activities. Whether it is dusting off an old cookbook, perfecting a family recipe, mastering the latest recipe to take over social media, or baking cookies with the kids, people are creating new memories in the kitchen.

That’s why we asked the cooking and baking experts in LG’s home appliance consumer insights lab in Chicago to compile a list of the best tips, tricks and hacks to help get the most out of your time in the kitchen right now.

1. Create recipes that need less cleanup time

With more cooking comes more cleaning. Try to ease the cleanup burden by creating one-pot meals. Casseroles are great dishes that require less cleanup. Pro-tip: Most casserole dishes should be covered for most of their cooking time, but you can remove the cover and continue to cook the casserole for 5 to 10 minutes until the top is browned.

2. If things do get messy

First, see if you can do a simple cleanup. Functions like “Easy Clean,” for instance, allow you to simply spray water inside your LG oven and then in 10 minutes wipe away any leftover grime without chemicals or high heat. And since you may have more time at home right now, it might be a good time to use the full “self-clean” cycle on your oven. Be sure to ventilate the area and take your next activity outside if you can! Before you start, make sure to remove all racks in the oven and don’t forget to check the lower oven drawer for anything you may have stored down there like sheet pans.

3. Get to know your oven’s settings

For example, convection mode is best for baking. Some ovens have specific settings to make baking better. The “ProBake” convection range from LG circulates the air inside the oven for even heat distribution on every rack. When baking, make sure to allow enough space around each pan and rack to let heat circulate properly.

4. A dish’s placement in your oven is important

Most smaller items benefit from being placed in the middle of the oven while larger items should be placed on the lower third. Tent your larger dishes with foil to avoid browning of the food before it is properly cooked.

5. Avoid cramming contents into a pan

It may be tempting to avoid using two different pans, but overcrowding your pan prevents even cooking. If you make this mistake, you might steam your food instead of browning it.

6. Try a recipe you haven’t been able to before

With more time on your hands to prepare food, you can try recipes that take longer like baking bread. While it can be a laborious process, the results are always worth the trouble. Create a moist environment for yeast doughs to thrive in when using the Proof function on the oven; this is achieved by placing a bowl of water in the oven with the dough while proofing.

Now more than ever, families across the country are spending more time in their kitchens — from trying new cooking techniques and recipes to maximizing baking and cleaning. For more information about ovens and ranges, check out lg.com/us/ranges-ovens.

2020-04-14T15:01:01

(BPT) – Whether it’s reprieve for families in self-isolation, support for those on the frontlines of healthcare and essential businesses, or keeping at-risk populations safe, now is the time to come together — while staying apart — to support one another.

Here are four simple ways that communities can take care of each other — all from their phones, computers or other devices.

1. Gaming and virtual hangouts: Board games, video games and puzzles are a great way to bring friends and family together — even with hundreds of miles in between. Set up a virtual game night with a friend or send your online buddy a few extra digital gaming rewards for your favorite game together. And, with families now on extended spring breaks, it’s the perfect time to surprise kids with an egift card to add funds to their favorite online games.

2. Grocery delivery good will: With so many facing uncertainty with their job in this challenging time, lack of time to shop or concerns about being inside of grocery stores, consider finding a way to bring the groceries to them. Gifting grocery delivery to your friends and family allows them to purchase what they need while staying out of harm’s way. Sending a grocery gift card or digital gift card to the people in your life gives them the freedom to shop when they can — even when stores are closed. If you’re going grocery shopping for a friend in need, or want to help a time-strapped healthcare worker, consider including a special gift card that you can find at check-out or the retailer’s Gift Card Mall so that they have some additional resources to pick up essentials, or treat themselves to keep their spirits up.

3. Supporting restaurants and supporting others: As your favorite local restaurants shift to take-out, curbside and delivery-only models, there’s an opportunity to not only support restaurants, but also to provide support for those in need. When placing an order for yourself, think about others in your life that could use a meal or gift card for takeout and perhaps send one or two to a friend on the hospital frontlines, first responders or someone you know in an essential retail role who could use a ready-to-eat meal after a long shift.

4. Streaming togetherness: Keeping your distance doesn’t need to mean you miss out on watch parties. We all have a favorite show or movie recommendation, so send the gift of a digital movie download or surprise friends and family with the gift of a subscription to your favorite streaming service. Then, plan a night with friends and family to watch your favorite show, and gather around the computer for a virtual watch party. Don’t forget the popcorn!

Online resources including retailer websites or GiftCards.com are convenient, easy ways to find egifting options that can reach your friends and family quickly. Many retailers and restaurants are seeing the benefits of gift options during this time.

To learn more about easy digital gifting, visit www.giftcards.com for more ideas.

2020-04-14T10:43:00

(BPT) – With so many people across the country staying put in their homes right now, a fun and functional outdoor space is more important than ever. Amusement parks and concerts are closed or canceled and spring is around the corner, beckoning families outdoors. Millions of people are working remotely and looking for a more natural option for their home offices. A well-thought-out deck could be the answer to making a staycation, whether forced or planned, more enjoyable.

Here are three ways a deck can improve the at-home experience.

1. Fewer screens, more fun

When kids are out of school, screen time usually goes up. Whether it’s TV, computers, video games, phones or tablets, screen time is usually a sedentary activity.

A deck can provide an alternative outdoor play space where kids can be active and stretch their imaginations, enjoy the outdoors and do things like bring their favorite toys like building blocks, action figures or doll houses outdoors.

Worried about splinters hurting those little toes and fingers? Composite decking is a beautiful option that makes sanding, staining, sealing and splinters a thing of the past. While composite decking has historically had a higher price tag than traditional wood, boards like Envision Ridge Premium deliver the exotic hardwood beauty and low maintenance of composites at a budget-friendly price.

2. Home office with a side of vitamin D

Millions of Americans have moved to work-from-home situations recently and are looking for a way to get out of their stuffy home offices in favor of a workspace with natural lighting and a great breeze. Soaking up a safe amount of sun every day can reap big benefits for your health, according to physicians and the World Health Organization (WHO), including elevating mood, improving sleep, promoting bone growth and strengthening the immune system.

With the right patio furniture, a deck can make a great option for an outdoor workspace to soak up the benefits of the sun’s rays. Choose a table of the appropriate height and a comfortable chair for extended work sessions, or a cushioned chaise lounge for shorter periods. Adding a screen or pergola to a deck can provide some protection from the wind (fewer important work papers blowing around).

3. Family time all year long

If there’s an upside to the increase in people staying home, it’s the ability to connect with the other people living in your home. Life can get so busy with work, friends and other commitments that it’s difficult to find time to connect or have a family game night. A deck is a great place to gather the members of your household for a laid-back evening of stargazing or a rowdy game night.

And those family connections don’t have to end due to summer’s heat or fall’s chill. By adding an outdoor heater, firepit or fans, you can extend your deck’s use as a family space to the majority of the year.

As you can see, a deck is a great way to expand the living space of your home and to provide an alternative space for all members of the family to enjoy.