The deadline to file federal and New York State taxes has been extended to July 15, 2020. This includes individual returns, trusts, and corporations for both state and federal, as well as estimated tax payments for tax year 2020 that would otherwise be due on April 15, 2020. The decision for states to extend state filings is up to each state, and New York is one such state that has issued the automatic extension. This extension is automatic, meaning you do not need to file for an extension, or call the IRS to qualify, according to the IRS federal website, and New York State Department of Taxation and Finance. Excellent. One less thing to apply for.

But should you wait to file your taxes? If you have been paying your taxes throughout the year, either as an employee taxed in the W2 classification, or as a business owner who pays taxes in payroll, or has been making estimates, if you’re all caught up, should you keep pressing along and file your taxes?

Both the state and federal taxation websites say yes, file now: “The IRS urges taxpayers who are owed a refund to file as quickly as possible,” says the federal site. At the New York State level, the language is the same: “Taxpayers who are due a refund are urged to file as soon as possible.”

A local accountant agrees. A Little Beacon Blog checked in with Arthur DeDominicis, CPA for his guidance. Here is what he had to say: “We are still encouraging people to file especially if they have refunds coming. I’m sure they can use this refund money for their immediate needs. Self-employed taxpayers may not know if they are getting a refund or owe unless they actually do the return. Just another reason to get it done.”

In a slightly morbid direction, should anything happen to you, or to your spouse if filing jointly, you may want to have this task complete. If you are taken sick in a month or during the apex, this portion of your life could be done. Estate-planning is not fun to think about, but sometimes, during times of stress, preparation can bring focus and calm. That you are doing everything you can to put things into place around you; taking care of the things that you do have control over.

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Rhinebeck Bank works hard to connect with the community. That’s why they started the video series “Wake Up With Rhinebeck Bank” with Michelle Barone-Lepore. Their first episode of the new season kicked off with some great Back To School Tips in this video. The tips were so great, that we wanted to be sure you saw them too. Here they are:

Buy Bulk Snacks for Kids

After summer - when kids are free to snack anytime they want - the start of the school year is a good time to think about giving your children healthy snacks, and stocking up on good-tasting food. Kids love to snack and having their favorite snacks will help them feel comfortable in their new environment, and will give them fuel for the end of their day.

Set Weekday and Weekend Evening Routines

Now’s a great time to set up a routine that works for you and your children. Bath time, reading, supper time and bed. It’s great to try out audio books for soothing music that will lull your little ones to sleep, especially for those who are entering school for the first time.

Set your alarm for bedtime. Figure out the right balance for screen time, play time and reading, preparing for each child to transition into the Habits of Homework. By keeping your children in a routine, it may allow them be more focused in the classroom.

Establish a Set Family Time

Sitting around the table enjoying a meal inspires conversations and builds family relationships. It’s important to set aside time to talk about your day. Talking about highlights of your day brings you closer.

Have Your Kids Set Realistic Goals for the New Year

Pick which books to read for pleasure as well as study.
Getting in the habit of nightly homework.
Getting ahead on projects that may be due in a couple of months.
Figure out chores for your kids and set up allowance for the year. One goal could be reading 30 books. If that’s not your child’s goal, create something of interest to be their goal so they can feel accomplished at the end of the year.

As you know, childhood goes by in a flash. Start saving for your child’s college costs. Open an account or 529. You won’t just have smart children, you’ll be a smart parent as well.

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