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Crunch Time

3/30/2022

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Next time I put something in this spot it will be April. We are already that far through tax season and it seems a little hard to believe. But see, this is why I started telling you a couple months ago that it really does serve you well to get a start on prepping for tax filing season before it gets away from you.

So yes, to file on time, you are now into the crunch period when any snags you hit become immediate difficult hurdles. This means that you need to start checking in with yourself and what you have done so far (even if what you’ve done so far only involves looking at a pile of mail on a desk).

Do you not remember if you got that one form that you were expecting? Go look and make sure. Many people have digital access to such forms as a W2s, but you probably don’t have that immediate access to everything (or at least would have to work to set it up). You want to be sure you have left yourself some time to get those forms before we reach zero hour.

Beyond that, though, actually open up and look at the forms you have received. Chances are really good that they all look exactly like they should and like you are expecting them to. That doesn’t mean that all the thousands and thousands of pieces of paper sent to taxpayers every year are correct, though, and it is better to find out if there is some discrepancy now than in two weeks.

Both of those are situations that occur every year, but as you have heard a lot during the past two years, we are currently living in unprecedented times. This has trickled down to your tax return, so there is going to be some information you need to have that you have not before. This includes knowing if you received any economic impact payments last year and how much if so. This is not the most difficult information to track down, but it’s going to simply feel better to do now than in two weeks.

Finally, many taxpayers with children also received advance payments of their child tax credit. If so, you are also going to need to know the total number of that money received.

And if this feels like a lot, well, depending on your situation it could be. And when things feel like a lot, that is when we don’t always want to deal with them, but it is also exactly why we should. So consider this a little confidence boost telling you that you still have time to do this if you can get on it now and a promise that you will feel better once you do.

Warmly,

Josh Bousquet
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To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

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