The Pandemic Should Get You Moving On Your 2019 Taxes
March 23, 2020
While fears about Covid-19 seem set to take over our lives – and understandably so – it’s important that amid the confusion and disruption, we don’t neglect our taxes. While the tax filing deadline has been extended to help those Americans affected by the virus, it still makes good sense to get moving on your 2019 tax return, especially if you think you’re due to receive a refund.
With the continually changing situation and money worries at the forefront of most US citizens minds, having money in your pocket is perhaps more important than ever.
Just how will Covid-19 affect your finances?
With investment portfolio balances dropping, many Americans are already beginning to feel the devastating financial consequences of the pandemic. Household goods prices have surged as shoppers panic and over-buy and workers are forced to stay at home to care for their children as schools remain closed, potentially costing them their entire salary (and/or their jobs). For those who are unable to work remotely, they face losing their only source of income. Then there are the numerous small businesses experiencing the terrible after-effects of less footfall, or no footfall at all.
But what does all this mean when it comes to your taxes? If the IRS owe you money, the quicker you can file your 2019 tax return, the quicker the refunded monies will appear in your bank account. No matter the amount, it could prove to be a lifeline if you lose your job or are forced to take a pay cut under the current circumstances, and for who knows how long.
It’s important to also take into consideration the fact that the IRS are already functioning with the barest minimum of human and financial resources, and should they be forced to reduce their working hours, or shift employees to their homes, then the entire refund process could slow right down, or even grind to a halt.
In light of recent advice given to many Americans, which includes the need to stock up on essentials such as food, household supplies and medication in readiness for weeks or months of self-isolation, getting your tax refund could help you with the associated costs of this.
Get your tax return filed now!
File your tax return as soon as possible, and be sure to do it electronically, as refunds for electronic returns are usually processed much quicker than paper returns. Filing electronically also means that you’re less likely to make errors with your taxes that could postpone your refund. Naturally, filing in this manner also enables you to adhere to the restrictions of social distancing, as it requires no visit in person to a post office.
If you require any assistance with your 2019 taxes, then there is a plethora of tax professionals who are still working hard to ensure their clients get the advice and guidance they need during these difficult times. Consultations can be made online or by telephone, so if you need help to get your vital refund as soon as possible, reach out to a tax professional today.