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Three fiscal lessons learned from the pandemic

There are so many tax lessons to be learned from the viral pandemic that it is quite difficult to narrow the list down to the top three. However, we will do our best on this article. However, before we get to the list, let’s send a big thank you to all the tax professionals who have done and continue to do their best to help their clients navigate these challenging times. Let’s do it, okay?

1. Don’t believe everything you hear and see on the news

I cannot tell you how many times during the course of this pandemic that FAKE NEWS has been dominant. 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 the stimulus checks, the requirements to be able to receive a stimulus check, the length of time to file and pay federal taxes, and even if the IRS tax payments are deferred for later. To protect yourself from unnecessary anxiety and fear, try to limit the time you spend in front of the screen. We often take for granted that we monitor our children’s screen time, but the truth is that we also need to monitor our own screen time as adults. Also, remember, news is meant to inform rather than entertain. It is really difficult to know today what the true focus of the news is.

2. Get the facts

These days, you need 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 simply amazing. However, how about the way the Internal Revenue Service (IRS), without many political hurdles, extended the filing and payment deadline from April 15 to July 15? Pretty impressive, right? What is the only source that has shaped my opinion about 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. Get help when you need it

Yes, this here is the main point on this list. For the past 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 vastly improved. The added service of having tax professionals available to guide you through preparing and filing your tax return makes it even better. However, in my opinion, this works for people who have simple returns, such as those who work one job, do not save for retirement, do not rent or own a home, and are single or married with no children. or other dependents. However, for those who work more than one job, have a side or part-time business, save for retirement both at work and outside of work (i.e., IRA), and are single or married with dependents ( adults or children), the tax code gets a little more interesting. Let’s also mention that during this pandemic, the IRS temporarily shut down 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 advisor or tax advisor. These professionals have worked with the IRS for years and are familiar with tax preparation, as well as how and why the IRS operates the way it does. When you are stuck and need help solving a problem you have with the IRS, find a trusted tax advisor or tax advisor and save time, effort and money.

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