There are so many fiscal lessons to be learned from the viral pandemic that it’s pretty hard to narrow down the list to the top three. However, we will give our best try in this article. However, before we get to the list, let’s send a big thank you to all the tax professionals who have gone and continue to go above and beyond to help their clients navigate these difficult times. Let’s get to it, okay?
1. Don’t believe everything you hear and see on the news
I can’t tell you the number of times over the course of this pandemic that FAKE NEWS He has been pushy. When it comes to what the IRS has done, is doing, or will do in the future, everyone has an opinion. From the delivery times of stimulus checks, the requirements to be able to receive a stimulus check, the extension of the time to file and pay federal taxes, and even if IRS tax payments are deferred for a later time. To protect yourself from unnecessary anxiety and fear, try to limit your screen time. We often take it for granted that we control our children’s screen time, but the truth is that we need to control our own screen time as adults, too. Also, remember, the news is meant to inform rather than entertain. It is very difficult to say today what the real focus of the news is.
2. Get the facts
These days, it takes a healthy level of suspicion to overcome all FAKE NEWS about the IRS and how they are going to bankrupt us. I have been quite encouraged by the work the IRS has done during this pandemic. The way the IRS was able to efficiently deliver millions of stimulus checks to help countless Americans in need of this help was just amazing. Or, how about the way the IRS, without much political obstruction, extended both the filing and payment deadlines from April 15 to July 15? Pretty impressive, right? What is the single source that has shaped my opinion of the IRS? It’s the IRS, of course. Do you know how to quickly get rid of rumors and FAKE NEWS? Make the effort, go to the source and get the facts!
3. Find help when you need it
Yeah, this one right here is the main point of this list. For the last 10 years, there has been a push for people to prepare and file their own tax returns. I admit that most of the well-known tax preparation software has improved a lot. The added service of having tax professionals available to help guide you through preparing and filing your tax return makes it even better. However, in my opinion, this works for people who have simple incomes, such as those who have a job, don’t save for retirement, rent or own a home, and are single or married with no children or other dependents. However, for those who have more than one job, have a side job or part-time business, save for retirement both at their jobs and outside of work (i.e., IRAs), and are single or married with dependents (adults or children), the tax code becomes a bit more interesting. Let’s also mention that during this pandemic, the IRS temporarily closed its operations. What do you do when the source is not available? That’s when you need the help of a trusted tax professional, such as a tax accountant or tax advisor. These professionals have worked with the IRS for years and are familiar with the tax preparation side of things as well as how and why the IRS operates the way it does. When you’re stuck and need help resolving a problem with the IRS, find a trusted tax advisor and save time, effort and money.