Tax Day in Yakima is Coming. Do You Know the Important Deadlines?
Have you spent the past three weeks feeling as though you're forgetting something? You can't quite put your finger on it but there just seems to be part of your spring routine that has yet to be completed? I completely understand and I've been feeling the same way. Today, it dawned on me: We've been missing 'TAX DAY'!
Yes, Tax Day, though not a National Holiday, it's a date that certainly looms on the calendar every year whether we like it or not. The old saying about there being only two certainties: death and taxes - I guess given the choice, the latter is perhaps preferable.
CHANGES TO THE TAX FILING DEADLINE FOR THE TAX YEAR 2020
So, this year, Tax Day was moved from the typical April 15 to Monday, May 17. This was a move by the IRS to help ease the burden placed on taxpayers by the Coronavirus pandemic. Back in March, IRS Commissioner Chuck Rettig said:
"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,"
HOW AND WHERE TO FILE YOUR INCOME TAX RETURN
If you enjoy doing things in an old-fashioned way, you can prepare your tax return by hand and then place it in an envelope and mail it to the IRS. If you're living dangerously and aren't ready to send it in until the last day, it's recommended that you drop it off at Yakima's Main Post Office location at Washington and 3rd Avenues, and have it there in time for it to be postmarked by midnight.
This is a much easier and much quicker method. Sending your return electronically is widely believed to be simpler, quicker, producing quicker refunds if one is due and is safer. No chance of getting 'lost in the mail'.
DO IT YOURSELF OR HIRE A TAX PROFESSIONAL
This is as broad as it is long. Not even sure what that means but my Mom used to say it authoritatively and I just accepted it. But seriously, as taxation usually is, if you have a very simple one-sheet tax return, sure, go ahead and do it yourself. There are those who swear by the electronic tax preparation software and claim they save money by not hiring a tax professional. But as we know, it's garbage-in and garbage-out. Do you really understand what you're doing or are you simply hoping the software is foolproof? Personally, I use a tax accountant who is specially trained and experienced in the industry. This way, there are fewer worries about accuracy as these professionals are up to speed with all of the latest tax laws, deduction opportunities, etc. It's less stressful for me, although, having just sent my accountant 200 pages of documents since, like some other knuckleheads, I've sort of waited until the last week, and therefore likely not less stressful for my tax guru. Sorry!
FINDING THE RIGHT TAX PREPARER FOR YOU
My first suggestion would be to ask a friend who they use. This is what we did and we've never looked back (that's what they get paid to do). There are numerous tax preparers in the Yakima Valley. If you need one and don't know where to start, here's something to start with -- Google Seach tax preparers Yakima Washington. There are numerous choices at your fingertips.