Category: Taxes

It’s all over the news every day. May 17th was Tax Day this year and unless you filed for an extension, you had to settle up with Uncle Sam or face interest and penalties on your tax bill if you didn’t. That’s bad news for millions and there’s just no way to avoid it if you failed to file on time.

But what about the situation in reverse?

The IRS is behind on processing tax returns due to staff shortages and other complications. This tax refund delay could be holding up the money you were counting on to cover your bills.

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It’s income tax season and I don’t have to remind most of you that it is. But for some of you, it may never actually be “tax season” because you’re cheating on your taxes. If that sounds weird to you, take a minute to think about it.

Paying taxes are one of our least favorite things to do and our usual goal is to minimize and even avoid paying them in every possible way we can. In fact, I’m going to say this right now, if you thought you could get away with it, you’d probably not pay a penny in income taxes at all! But if that even crosses your mind for a second, let me give you some sage advice: Don’t ever cheat on your income taxes!

I like to think that I am really good at doing my own taxes every year. I have had a few decades to perfect my skills, so I’d say I am pretty experienced at doing it and I actually look forward to it, believe it or not. But this year for our 2020 taxes, it may be a bit more of a challenge for me and for you.

A few weeks ago I wrote about some of the tax changes for 2020. But there’s more you need to know about the changes that have been made. Why? It’s mainly because of the pandemic and how that has affected everything and that includes your tax picture.

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It’s a new year and with that comes the hope that everything is just plain going to get better. We all hope that. That means everything including your finances, especially after what will go down as a disastrous 2020 and so many who have suffered economically. But with a new year also comes the reality that “tax season” is now upon us. April’s due date is just a few months away and January is the start of your prep time for that event. But while your income tax returns get all the fanfare, there are different types of taxes we are subject to.

Taxes affect just about every facet of your life, even if you don’t realize it. Learning the different types of taxes you pay can help you understand the true cost of your financial fortunes. Here’s what may be a shocker to you. Income tax isn’t the only tax that you will be paying this year. In fact, you will be paying taxes every year…wait for it…forever!

Like everything else in 2020, your 2020 income taxes will be like doing taxes in no other year. It’s now the time of year to start thinking about taxes, but so far not a lot of real info is out there for you to prepare. But one thing is for sure, the upcoming filing season is going to be a bit trickier for many Americans due to the rampant unemployment, working from home, and general upheaval due to the COVID-19 virus.

So strap yourself in and get ready. Here are just a few of the pandemic-specific conditions, good and bad, to be aware of as you get ready for 2020 income taxes.