Taxpayers who filed 2019 and 2020 tax returns late will have their failure to file penalties abated automatically. If they have not filed these returns to date, they only have until September 30, 2022 to file the returns and qualify for the abatement. For those who have filed their returns, the penalties will be abated automatically and either be refunded to those who paid or credited to the account for those who have a balance due. To qualify for this relief – any eligible income tax return must be filed on or before September 30, 2022.

It has been a while since I sent a child off to college and even longer since I was there myself. If I recall accurately, my dorm room had a plug-in at my desk and at the desk of my roommate and there was one other outlet we used for vacuuming and a frig. When I sent my kids off to college, they had computers, phone and watch chargers, a printer, a frig, a mini crockpot and who know what else and they all required electricity. I can only imagine the number of extension cords and splitters used…a fire hazard and an inspector’s worst nightmare.

Since then, many college dorms have been remodeled to update the electrical systems and to add wifi. The rooms that accommodated 2 or 3 people were split to create two one-person rooms.  Surveys of students not wanting to live in dorms showed that today’s students are not used to being roommates and do not wish to share space…especially if they never shared a room with a sibling.

So, what can a college student do to protect themselves and their property while living in dorm?

Though it is inconvenient to lock and unlock your room every time you come and go, keeping your doors and windows locked, even if you’re just running across the hall for a moment, is a smart safety measure. Never open the door for strangers and verify who is on the other side before opening the door.

Having a dorm security camera is a great way to protect yourself in the off chance something goes missing. A wireless motion-activated surveillance camera can capture high-definition video and sound which is streamed live to your phone.

A small fire resistant safe in your dorm room can keep jewelry, electronics, credit cards and cash safe. Look for something heavy-duty and keyless. For larger items, you might want to consider insurance to cover the expense if it stolen.

As a college student, you have no way of knowing how many copies of your room key has been “lost” or duplicated. A security bar is also useful for safeguarding against ‘forced’ entries.

Keep pepper spray with you. A recent study revealed that a woman aiming pepper spray at them generally caused a would-be attacker to flee. A woman who attempted to defend herself normally wasn’t worth the trouble.

Be sure to enter all your emergency numbers in your phone, have a physical copy of the numbers in your room and know all the emergency exit routes.

Always use the elevator.  Stairwells are a common choice for attackers. If you must use a stairwell, bring a friend with you. If you are on the elevator with someone who makes you feel uncomfortable, get off at the next floor. If you are about to get on an elevator and the current occupant make you uncomfortable, wait for the next elevator. 

Never take your safety for granted. College life can be an exciting part of your life but you want those memories to be good ones.

Revisiting a holiday post from a previous year, and renewing happy holiday wishes for all!

For readers who celebrate any of the December holidays, today is probably NOT a day when you’re looking for a message or tip about wise use of money.  In my experience, by this point in the holiday season the financial decisions are made; and the need to plan for their repercussions is at least a week away.

For now, in the midst of celebration and family time, it is simply the time to enjoy what life brings. It is likely that the most important gift you or anyone else can bring to holiday festivities is a gift of good cheer.

• That means not comparing how much you spent with how much someone else spent on a gift. Instead, simply trust that you and everyone else gave with good intentions; this will bring the most joy to your celebrations.
  Note: this includes not judging yourself, as well as not judging others.
• It means giving the best possible interpretation to the contributions and comments of others. Holiday festivities can bring stressful situations and poorly-thought-out comments; for everyone’s sake, this is a time to tune in to the positive to keep celebrations bright.
• It means that maintaining and building relationships is more important than any detail that is amiss or any aspect of the feast that is less or more than past celebrations.
• There is always something to enjoy or be grateful for. Bring a grateful or joyful attitude to celebrations, meals, and to giving and receiving.

No matter how much money you spend on holidays, it is gifts of good cheer, kindness, friendship and joy that will mean the most to you and all those in your world.

We at MoneyTip$ wish you very happy holidays!

Medical identity theft is a serious business. According to one study, about 1.5 million adults are victims of medical identity theft each year. FDIC Money Smart offers the following information and consumer tips.

Medical ID theft occurs when someone steals personal information and uses the information to get medical treatment, prescription drugs, surgery and/or other services and then bills insurance for it. If the thief’s health information is mixed with yours, your treatment, insurance and payment records, and credit report may be affected. Sometimes people are denied coverage for a service or medical equipment because their records falsely show they already received it.

All types of people, including doctors and medical equipment companies, have been caught stealing people’s medical identities. About one-third of medical identity thieves are family members. Warning signs of a stolen identity include a bill for medical services not received, contacts by a debt collection company for money not owed, insurance company notification of the limit reached on medical benefits, or denial of insurance for a medical condition you do not have.

To avoid medical identity theft

• Protect your health insurance cards.
• Review your Explanations of Benefits (EOB) statements and medical bills for suspicious charges. If you find incorrect information in your records, insist it be corrected or removed.
• Do not give your medical information to someone who calls, emails, or texts you unexpectedly. It could be a scammer trying to steal your information. Instead, log in to your online medical account from a website you know is real. Or contact the company or provider using a phone number you know is real.
• Shred papers with your medical identity before putting them in the trash. Remove or destroy labels on prescription bottles and packages before you put them in the trash.

If you suspect medical identity theft, ask your health care provider for a copy of your current medical file. If anything seems wrong, write to your health plan or provider and ask for a correction.

Guest blogger, Phyllis Zalenski, Human Sciences Specialist, Iowa State University Extension and Outreach

Buying a home is a major decision. In fact, it involves several major decisions. But most of us do it very few times in our lives — perhaps only once. That means that, unlike other consumer decisions (buying groceries, choosing a cell phone plan), we don’t have much opportunity to practice, or to learn from experience.

Without much chance to learn from experience, then we need to look for other ways to learn everything that will help us make well-informed home-buying decisions. Completing “A Home of Your Own,” a self-paced learning option from ISU Extension and Outreach, can help build the knowledge and skill needed to make those big decisions with confidence.

Topics include selecting a home that fits your needs, choosing a lender and understanding loan terms, navigating through the closing process, and more. The final section of the course focuses on being a home owner — including how to maintain your home’s value. After finishing the course, you will receive a certificate of completion which you can show to your prospective lender to meet any home ownership education requirements they may have.

The course costs $45 (per person or per couple), and is available 24/7 so you can use it at your convenience. Learn more!

A friend of mine received a letter recently telling her that her application for a home equity loan was denied. But here’s the thing: she didn’t APPLY for a home equity loan!

Did she just laugh and throw the letter away? NO, thank goodness – she knew this could indicate a serious problem. It didn’t take long to learn more – all she had to do was contact the lender that had sent the letter.  It turns out that someone ELSE had used HER name and social security number to apply for a home equity loan of several thousand dollars. The loan was turned down due to a couple of small inaccuracies on the application. If the imposter had gotten all the details correct, my friend might have been “on the hook” for that loan – a victim of identity theft.

Do you remember the Equifax data breach a while back? My friend’s information was compromised in that data breach, which is likely how these imposters got her information. That breach was FOUR whole years ago!  Many people went “on alert” for months after that breach – but are they still maintaining that vigilance?

There’s a lesson here for all of us: if your information has ever been compromised in any data breach, you must be vigilant forever. Once the information is out there, the “bad guys” can sit on it for years, even decades, and then start to use it. And frankly, even if you are not aware that your information has ever been compromised in a major breach, you should still be fully vigilant, because not all data leaks are exposed, or exposed promptly. This may feel a little discouraging – how can we possibly protect ourselves?

Credit Freeze. The good news is that we DO have options! One of the most effective steps we can take to reduce our identity theft risk is to put in place a security freeze (known as a “credit freeze”) on our files at all three of the major credit reporting agencies. This became a free option for all consumers thanks to a federal law passed after that infamous Equifax breach. With a credit freeze in place, no one can open any kind of credit account in our name. Even WE cannot open an account in our OWN names with a credit freeze in place.  My example: two years ago I bought a new car, and borrowed part of the cost. I got home from completing the loan paperwork, and almost immediately got a call from the lender: “Hey, we can’t process your loan application till you lift the freeze on your credit file.” He told me which credit reporting agency he was using, and I went into my records to find the information I needed to lift the freeze. I was able to lift it temporarily – just 3 days – and then the freeze went back into place, so I was protected once again.

A credit freeze is an incredibly valuable protection against imposters opening accounts in our names. The Consumer Financial Protection Bureau provides information about how to “freeze” your credit file. (https://www.consumerfinance.gov/about-us/blog/free-credit-freezes-are-here/)

Check Your Credit Report. Checking your credit report regularly does not prevent identity theft, but it does help to detect it — and like many other situations, early detection can minimize the damage you experience. The one safe resource for free credit reports is www.annualcreditreport.com, a joint project of all three national credit reporting agencies (Equifax, Experian and TransUnion). In normal times each consumer is eligible for one free report per year from each of the agencies (a total of three per year). However, during the COVID emergency, until April 20, 2022, we can check our credit reports weekly if we wish. When you receive your copy, carefully review it and dispute any errors you discover. The Consumer Financial Protection Bureau offers a helpful credit report checklist.

Report ID Theft. If you do discover, as my friend did, that your identity has been used fraudulently, be sure to report the incident at the Federal Trade Commission Identity Theft webpage, www.identitytheft.gov. This site outlines steps you can take to defend yourself, and is a good first stop for identity theft victims.

Reliable home internet and technology provide older adults with more options to access important services and supports, including legal assistance, telehealth services, and portals for economic impact payment eligibility and benefits programs. The FCC has announced that eligible households can apply for the program in three ways:  – Contact participating broadband providers directly to learn about their application process.   – Visit GetEmergencyBroadband.org to apply online and to find participating providers. – Call (833) 511-0311 for a mail-in application, and return it along with proof of eligibility to: Emergency Broadband Support Center, P.O. Box 7081, London, KY 40742.  Individuals who use videophones and are fluent in American Sign Language (ASL) may call the FCC’s ASL Consumer Support Line at (844) 432-2275 (videophone).   There are resources available to help advocates advertise the program to their clients and community, and it is especially important to share this information with populations who face the greatest barriers to connectivity, including older adults of color, those living in rural areas, and other marginalized groups. The Federal Communications Commission (FCC)’s Emergency Broadband Benefit launched on May 12th. This benefit provides a discount of $50 per month for eligible low-income households or $75 per month for households on Tribal lands to cover internet bills, as well as discounts on some devices. This program can also be combined with Lifeline benefits. Reliable home internet and technology provide older adults with more options to access important services and supports, including legal assistance, telehealth services, and portals for economic impact payment eligibility and benefits programs. The FCC has announced that eligible households can apply for the program in three ways:  – Contact participating broadband providers directly to learn about their application process.   – Visit GetEmergencyBroadband.org to apply online and to find participating providers. – Call (833) 511-0311 for a mail-in application, and return it along with proof of eligibility to: Emergency Broadband Support Center, P.O. Box 7081, London, KY 40742.  Individuals who use videophones and are fluent in American Sign Language (ASL) may call the FCC’s ASL Consumer Support Line at (844) 432-2275 (videophone).

If Covid-19 has caused you a loss of income, you’re facing questions: What can I do if I can’t afford all my bills? How will this affect my credit score going forward?

The first thing you need to do is develop a new budget. Any time income or expenses change, a new budget (spending plan) is needed. This plan can save time and reduce stress because it helps you look at your financial picture for the whole month all at once, rather than just dealing with each expense as it comes along. Having a well-thought-out plan can make the difference between falling behind on bills and being able to make your payments on time.

A good next step is to contact your lenders — the holders of any loans or credit cards you may have. Ask if you are eligible for any type of assistance. Many financial institutions/creditors are willing to work with consumers due to the current pandemic. You may be able to work out a modified repayment schedule with payment amounts that fit your reduced budget. 

There are various ways that creditors or lenders can help consumers. They may waive late fees, offer payment modification, or even make a new short-term loan. Payment modification may be via reduced payments, interest-only payments, or possibly forbearance (which means making no payments for a period). Remember, accounts in forbearance may be reported to credit bureaus as late or missed payments.

Finally, it is important to review your credit report. You can obtain a free copy from www.annualcreditreport.com. Normally credit reports are available free once a year, but due to COVID, they are available weekly until. Checking your credit report allows you to correct any errors your find, which may boost your score, and certainly ensures your credit is reported accurately and reduces fraud risk. Those corrections may also help with job searches, rental inquires and lower interest rates.

You may also choose to add a consumer statement to your credit reports. Although it will probably not boost your score, it offers you a chance to explain why you were having difficulty paying bills on time like normal. This explanation could make a difference to future employers or lenders that review your credit report. This statement should be brief (100-200 characters).

Today’s guest blogger is Casey Codner, Extension Human Sciences Specialist in Family Finance serving east central Iowa