Updates for the 2020 tax season:

Tax Day has been moved from April 15 to July 15. All taxpayers and businesses will have this additional time to file for refunds and credits and make payments without interest or penalties. Below are some options for filing your return.

I want to meet with someone in person to have my tax return prepared.

All CA$H Maine tax sites have suspended in-person services until further notice. Many CA$H Maine tax sites will be reopening for tax preparation when able to. Check cashmaine.org for updates and more information.

I want to file my 2018 and/or 2019 tax returns. I have computer access and can use computer software with a tax preparer to contact if I have questions.

Tax filers with simple federal and Maine returns and household incomes of $56,000 or less will be provided a link to the CA$H Maine tax filing program and contact information for a tax preparer to answer questions. The taxpayer enters their own information. Call 778-7954 to get started.

I want to file my 2019 tax return, have computer access, and am comfortable preparing them on my own.

Tax filers can file on their own at myfreetaxes.com or https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.

I want help finding information about savings, classes, and other resources to help meet my financial needs and reach my financial goals.

Tax filers who file their taxes with CA$H Maine either in person or online also receive guidance about savings, classes, and other resources from a financial guide.  Use CA$H Maine’s Money Guide for information to help you Set Up Your Budget, Reduce Your Debt, and Build Your Savings.

A lot of people are dealing with serious financial hardship caused by the COVID-19 pandemic. If you’re worried about your finances, but haven’t experienced a loss of income or increased expenses so far, consider the following:

Our fellow federal regulators and their state counterparts are still working every day to keep our financial system safe. Generally, all bank deposits up to $250,000 are insured by the Federal Deposit Insurance Corporation . Deposits at all federal credit unions, and the vast majority of state-chartered credit unions, are also insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF) . Take care of your finances as usual. If you are in the position to strengthen your financial well-being, read more below about how to take control. You’ll be better prepared for shocks down the road, whether from the pandemic or something else.

Keep up with your bills

There are ways to get help if you are struggling to pay your bills due to the financial impact of COVID-19. But if you can still pay your bills, you will likely be better off staying on track. Keep in mind that if you decide to use a program that lets you pause or reduce payments, you will still owe the money you have not paid once the program ends.

Remember, if you ARE struggling, you have options.

If you can't pay your bills

See these steps. Don’t hesitate to contact your financial lenders and creditors if you can’t keep up because COVID-19 has cost you income. The CFPB and other financial regulators have encouraged lenders to work with their customers during this time.

If you can’t make your mortgage payments

The new CARES Act allows homeowners with federally backed loans who are affected by the pandemic to request a forbearance of their mortgage for up to 180 days. The forbearance can be extended for up to an additional 180 days. Private mortgage loans may also offer programs. Learn more here.

If you can’t keep up with your student loans

The CARES Act also automatically suspends payments on federally-held student loans through September 30, 2020. For help with a student loan other than a federally-held loan, you should contact your servicer to see what options are available to you.

If you’re already behind on your bills

Check out these tips for dealing with debt – a stressful experience even under normal circumstances.

If you’re a financial caregiver

Those who serve as financial caregivers for older adults or people with disabilities may have unique worries and challenges.

Keep your money safe

Whether or not you’ve experienced a financial hit, don’t head for the ATM to withdraw more cash than you usually need . Your money is safe in your bank  or credit union  account. Unlike money kept at home, you likely have federal protections if money you’ve deposited are taken illegally and in the unlikely event your institution shuts down. You will always be able to get cash when you need it. The professionals restocking cash machines and moving money across the country are on the job and are considered essential service workers .
Keep your money safe

Take control of your finances

Getting money smart is one of the best ways to be ready for any kind of trouble the future might bring. The Consumer Financial Protection Bureau (CFPB) also offers a variety of tools including some designed to help you track your spending, build a budget, pay off your debt, or take stock of your overall financial well-being. And always remember to manage and protect your credit.

The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Read more here.

Who is eligible for the Economic Impact Payment?

U.S. citizens or resident aliens who:

• Have a valid Social Security number,
• Could not be claimed as a dependent of another taxpayer, and
• Had adjusted gross income under certain limits.

Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:

• Individuals who filed a federal income tax for 2018 or 2019
• Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits
• Individuals who receive Railroad Retirement benefits

• Check your payment status
• Confirm your payment type: direct deposit or check
• Enter your bank account information for direct deposit if the IRS doesn't have your direct deposit information and they haven't sent your payment yet

• 2019 Filers: The IRS will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.
• 2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let us know your new information.

Eligible U.S. citizens or permanent residents who:

• Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
• Were not otherwise required to file a federal income tax return for 2019, and didn’t plan to

You can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. They will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action. 

Contact a guide who will help you with questions about your eligibility for the Economic Impact Payment and/or what you need to do to receive it.  

April is Financial Literacy Month.  Take a money management class or work with a financial coach to improve your financial literacy in 2020. All of the programs listed below have services that are offered online or by phone.  

New Ventures Maine offers My Money Works statewide throughout the year both in person and online. This free class can help you gain the skills and confidence you need to stretch your money, pay your bills, reduce debt, find money for savings, plan for retirement, and set personal financial goals.

Online, April 28, 11 a.m. - 12 p.m. or  April 29, 6:30 - 7:30 p.m.

Other money management classes with New Ventures Maine:
Budgeting Basics,online, April 20, 12:00 - 1:00 p.m. or  May 12, 6:30 - 7:30
Let's Talk About Credit, online - May 5, 12:00 - 1:00 p.m. or May 14, 6:30 - 7:30
Build Your Savings, online - April 28, 12:00 - 1:00 p.m.

York County Community Action offers Financial Coaching and Education.  Financial coaches will work with individuals one-on-one  to offer support as individuals set their financial goals.  Together, they will develop action steps with the coach acting as a guide and providing accountability. Financial coaching services are offered at no cost and to anyone living in York County.

Four Directions Development Corporation offers Housing & Financial Counseling for the four Native American tribes in Maine - The Maliseet, Micmac, Passamaquoddy, and Penobscot. For more information on FDDC’s financial counseling and education courses, please call 207.866.2019. 

ProsperityME offers financial literacy courses, Basic Money Management, Saving to Build Wealth and Microfinance. All of their services are offered at no cost to participants and are available to all immigrants, refugees, asylees, and low-income individuals living in Greater Portland and Lewiston/Auburn Maine. All courses are taught by refugees and immigrants who understand the culture of the participants.
 
If you are thinking of buying a home, plan to attend a hoMEworks class at one of several convenient locations statewide, or complete your homebuyer education on line. 

CA$H Maine is a statewide collaboration of ten coalitions, comprised of 50 non- and for-profit partners, working together to help empower Maine individuals and families to achieve long-term financial stability. Since 2003, we have offered free tax preparation to qualified filers during tax season and educated hard-working families and individuals about programs in the community that can increase their income, reduce debt, and build savings. CA$H Maine is a year-round resource, providing outreach and education about ways you can make the most of your money.

To find a coalition near you click here.