Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021
News Every Day |

This year’s tax season is likely to be more stressful than usual

Friday is the delayed start of the tax filing season.

Like everyone else, the already short-staffed IRS had a tough time adjusting to working during in the pandemic, plus it had to figure out how to get two rounds of relief payments out, which put the agency a little behind.

In 2020, the filing deadline was extended to July 15 to make things a little easier. This year, the traditional April 15 cutoff is back, so the next few months are likely to be fairly stressful at the IRS, and this year’s tax season is probably going to be a lot more stressful for many filers as well.

And the calculations may be a bit more complicated, especially for people who lost their jobs or had their hours cut back.

“A lot of people don’t realize that when you get unemployment, it’s taxable. So they might not have had adequate withholding,” said Keith Fogg, a professor at Harvard Law School who also runs the federal tax clinic there.

“Last year, a lot of people are pulling money out of their retirement accounts to try to make ends meet, which is creating more taxable income,” he said.

All this is on top of the normal stress many people experience during tax-filing season.

Lynn Bufka, a senior director at the American Psychological Association, said one way to deal with the stress is to grasp control where you can.

“We have some control over when we start the tax process. We have some control over trying to have our records and materials organized in a way to make it more efficient. That helps us manage stress,” Bufka said.

Another tool? Free tax prep.

“You know, there may be people out there who have never used free services before, because they’ve never needed to,” said Laura Scherler, a senior director at United Way Worldwide, which partners with the IRS to offer the services in many communities.

But of course, 2020 was different and, Scherler said, “especially if you’re having trouble paying your bills, you know, buying groceries, affording your utilities, tax preparation is not something that you have to spend money on.”

And in many cases, our own tax dollars pay for the service.





Read also

Price Chopper, Freihofer raise $200K+ for organizations fighting genetic diseases

Realme 8 officially teased to arrive in India as company’s first with 108MP camera

Research identifies 18th Century school for Black children




News, articles, comments, with a minute-by-minute update, now on Today24.pro



Today24.pro — latest news 24/7. You can add your news instantly now — here
News Every Day

Marketing Automation & WordPress: Plugins & Tips to Get Started