There are so many tax lessons to be learned due to the viral pandemic that it’s rather hard to narrow the list down to the top three. However, we’ll give our best attempt in this article. Before getting to the list though let’s send out a huge thank you to all the tax professionals that have and continue to go above and beyond to help their clients navigate these challenging times. Let’s get to it, shall we?
1. Don’t Believe Everything You Hear and See On the News
I can’t tell you the number of times during the course of this pandemic that FAKE NEWS has been overbearing. 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 for the stimulus checks, the requirements for being able to receive a stimulus check, the extension of time to file and pay federal taxes, and even if IRS tax payments are deferred until a later time. In order to protect yourself from unnecessary anxiety and fear, try to limit your screen time. We often take it for granted that we monitor the screen time for our kids, but the truth is we need to monitor our own screen time as adults too. Also, remember, news is meant to inform rather than to entertain. It’s really hard to tell now days what’s the real focus of news.
2. Get the Facts
These days, you need a healthy level of suspicion to get past all the FAKE NEWS about the IRS and how they’re going to bankrupt us. I’ve been rather encouraged of 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 that needed this help was simply amazing. Or, how about the way the IRS without much political stonewalling extended both the filing and payment deadline from April 15th to July 15th. Pretty awesome, right? What’s 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 hearsay and FAKE NEWS? Make the effort, go to the source, and get the facts.