TIP 1 Tax Filing Delay
The IRS has once again pushed back the filing deadline for Federal income taxes. State tax deadlines have been pushed back on a state by state basis, and both Pennsylvania and New Jersey have followed suit and pushed their deadlines back to May 17th. These extensions apply automatically, so no application is needed, but an application can also be filed for a further extension. However, this pushback does not apply to all taxes, as estimated taxes for 1Q 2021 that were due on April 15th for NJ are still due.
Additionally – the IRA contribution deadline has been pushed back, so if you were scrambling to make a contribution for the 2020 tax year, you have an additional month to do so.
As of this posting members of Congress are urging the IRS commissioner to use his emergency authority to extend the first quarter federal estimated tax payment deadline to May 17, 2021.
TIP 2 NFTs
Now that Saturday Night Live has done a spoof explaining the new NFT craze, one might think that owning digital artwork is going mainstream. There are many advantages to be touted in regard to digital collectables, but those advantages are not as guaranteed as they appear at first glance. In fact, many of the issues that are supposed to be solved for the collector may be exacerbated instead.
Read about what an NFT is and some of the pros and cons in our blog Myths About NFTs.
TIP 3 Nominating An Executor
There is a great transfer of wealth coming in the next 10-20 years, and being an executor can be a tedious, painstaking job for those handling the administration of that process. This is a job that always comes at the worst time, when they would prefer to be in reflection and not actively learning about these financial chores.
We’ve recently put together an information sheet on how we can help by being named a corporate executor, co-executor, or agent for the executor. We have a small or large role in handling the transition for your family, and would be pleased to meet to discuss your estate plans. Even if we’re not named to any role, the meeting could formalize the process and get the future executor time to start getting ready so they won’t be caught off-guard. Click here to see the info sheet that can be easily shared with a spouse or significant other too.
TIP 4 Spring Planting
Spring is here, as is planting season for farmers. We always look forward to the first cut Asparagus grown in the Garden State, and this year we are looking forward to enjoying mushrooms from the Keystone State too! It’s amazing that 68% percent of the mushrooms grown in the U.S in 2019 were produced in Pennsylvania, and we are looking forward to local produce and planting ourselves.
If you are wondering about when is too early to plant different vegetables, we like to refer to The Old Farmer’s Almanac, which is now online and provides information county by county. Click here to see the Pennsylvania planting calendar, and click here to see the New Jersey planting calendar.