Moneda Moves (91): Taxes are due Monday. Need an extension?
Monday, May 17 is upon us, mi gente. Are you ready to file your taxes?
We get it: There are reasons aplenty why you may be running late on filing your taxes. Whether it was the search for financial, physical or mental health stability or you just need more time, you may be eligible for a tax filing extension.
As USA Today reported, to make an extension happen, you need to submit IRS Form 4868 electronically by May 17. Note that this won’t extend the amount of time you have to pay (due at the tax file deadline), but just to actually file the taxes. Submitting the form will ensure you don’t get penalized for filing late — this could mean an add of up to 25% of the tax due.
If for some reason you cannot pay your taxes in one go, you can also develop a payment plan to pay the balance over time which would need to get approved.
Read the full piece to get more details about a potential extension. Otherwise, take advantage of the weekend to submit your filing by deadline!
Con poder,
Lyanne
Headlines to put on your radar.
Bank fees hurt low income households, study finds: Low income families and especially families of color are hurt by big banking fees. Latino households paid a total of $3.1 billion and Black people paid $1.4 billion, in overdraft fees just last year.
Unfortunately, these are the same fees that are driving people of color away from banking. Per a 2020 Bankrate study, 59% of Hispanics and 60% of Black bank customers said they face no fees versus 80% of White people. Meanwhile, large U.S. banks have made about $9 billion annually in revenue all from overdraft fees.
"This exacerbates the financial distress felt by many families and contributes to a well-documented and growing financial gap in this country," said Financial Health Network CEO Jennifer Tescher.
PPP offered a less aid for Latino businesses: This story matters so much especially because thousands of Latino, Black and Asian-owned businesses have shuttered since the start of the pandemic.
Among the historical explanations why the aid did not reach the Latino community (although it should have): The fewer relationships between banks and owners of color and the fact that even before Covid, only 51% of Latino-owned businesses were approved for loans, in comparison to 77% of white non-Hispanic-owned businesses, per a Stanford study.
Rising voices in business, fintech, entrepreneurship and beyond.
This week in women educating on dinero we admire, it’s Kara Perez of Bravely Go.
It’s a community where women have honest conversations about money, our world, and what changes they want to make in both.
💰Everything she covers and educates on is done in context, which is why she made it a mission to create a politically-minded money community for all. She teaches about personal finance while addressing policy and larger structural topics and issues.
📲 Follow her at @webravelygo and go check out her Financial Feminist Summit taking place in June. One of the speakers is our own creator, Lyanne! Thanks for bringing us on, Kara!
Flamin' Hot: The Incredible True Story of One Man's Rise from Janitor to Top Executive: If you haven’t heard this story, you absolutely should add this upcoming book to your to-read list. It’s written by Richard Montañez, the creator of the Hot Cheetos, who was a janitor at Frito-Lay in Rancho Cucamonga, CA at the time of the spicy chip’s inception.
Soon after, he earned the name: "The Godfather of Hispanic Marketing."
NPR recently did a podcast with Montañez and it’s a great historical listen but also an entrepreneurial one.
That’s the update for today! Until next week, catch us here on Moneda Moves.