A Taxing Season Til April 15th

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A Taxing Season Til April 15th

April 15th is fast approaching

April 15th is only a month away. I find myself  wondering if I should attempt to do it myself or just call a CPA.

April 15th, Looming Large

In case anyone has forgotten, income tax returns are due in just over a month. April 15th is looming large, as they say. It is not that www.calamitypolitics has that many deductible expenses, but that is only because I haven’t figured out how to deduct my daily double Caramel Mocha or my mani-pedis. Maybe I should consult Ivanka on that.

To Deduct, Or Just File Away

Sorting, ironing and filing

I have been busy, sorting, ironing and filing receipts, getting ready for tax deadline

Over the last week, I have been sorting, ironing and filing receipts. Typically I toss most of my Calamity Politics tax receipts into my car’s glove box. I find if I crumple up every receipt really small I can fit a lot of them in the glove box. Any overflow goes in to the bottom file drawer in my home office. The only problem comes at the end of the tax year when I have to get out the ironing board and iron those crumpled receipts flat.

Tax Year and a Standard Year

My son keeps telling me there is no difference between a ‘standard year’ and a ‘tax year’, both are 365 days long. Well, I don’t believe it; I see it as just more government distortion. It feels as if the tax year is actually 9 months long, or 270 days. It is like a time morph for the muddled, and the disorganized.  I’m sure this phenomenon is a real knee-slapper for those at the IRS. The government’s artificially shortened year, combined with the recent tax changes has admittedly added to my tax preparation anxiety.

Call a Friend

I figured I am not the only one with tax deduction stress so I called on my friend and fellow writer Wes Hessel to come up with some help for me and other befuddled American tax payers. Check out what he learned and is now sharing with us.

D. S. Mitchell

A Taxing Season Til April 15th

By Wes Hessel

Facing The Inevitable

They say that only two things are certain: death and taxes; while some may prefer death over doing their taxes, there are gratis resources that can avoid your considering 1040 to be a four-number word.

Land Of The Free

A Google search for “free tax help” (YSRMV – Your Search Results May Vary) yields multiple options for Federal tax return tools that are credible:

https://turbotax.intuit.com/

https://www.taxact.com/

https://www.taxslayer.com/

The IRS

Yes, that government juggernaut administration for taxation legislation application (don’t try this at home, folks – I think I smell something burning in my thesaurus); they actually have assets designed to help you preserve yours:

The Fine Print

Many, if not most, of these resources have income ceilings and/or other requirements, and are only for “simple returns” – please see their sites for the actual details and definitions.  This is half the equation – how to file your tax return for nothing or next to it; the other side is preparing before the return to minimize your tax liability, and hopefully, increase a potential refund.

Tips Of The Iceberg

Everyone, it seems, has advice on what to do to cut your IRS bill, from deductions to tax shelters, or to make the filing process easier; the ones giving the guidance range from tax attorneys, CPA’s, and financial planners to your Uncle Charlie, so it pays to be sure of your sources and check their guidance with a trained professional or better yet, several.  Here are some suggestions from major outlets:

Intuit’s TurboTax offers these good starters – https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/tax-tips-after-january-1st/L8fY6OyFl:

  1. Contribute to retirement accounts
  2. Make a last-minute estimated tax payment
  3. Organize your records for tax time
  4. Find the right tax forms
  5. Itemize your tax deductions
  6. Don’t shy away from a home office tax deduction
  7. Provide dependent taxpayer IDs on your tax return
  8. File and pay on time
  9. File electronically
  10. Decide if you need help

Credit.com chimes in with more – https://www.credit.com/blog/2020/02/tax-tips-182102/:

  1. Check Your Information
  2. Get Ready
  3. Understand Your 2019 Tax Bracket for Filing in 2020
  4. Consider the Standard Deduction
  5. Review Eligible Itemized Deductions
  6. Take Advantage of Available Credits
  7. Remember Key Tax Cuts and Jobs Act Changes
  8. Watch Out for Scams
  9. Hire a Tax Professional
  10. File for Free
  11. Don’t Delay

And, of course, the tax man himself (a.k.a. the IRS) has helpful hints – https://www.irs.gov/newsroom/irs-tax-tips

Don’t Forget The Disclaimer

Remember that any tax advice here or elsewhere is just that: advice, so it is always best to check it through with a tax professional for your actual circumstances.  But still, these suggestions may well preserve your sanity and keep you from losing your nose to the grindstone before the April 15th deadline looms.

 

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