No one likes Tax Day, no matter what month it falls in, except for accountants and Uncle Sam. Tax Day 2020 figures to be especially messy, too, as governments across the country struggle to cover shortfalls stemming from the coronavirus pandemic, millions of people look for income to actually pay taxes on, and protesters urge us to rethink how our tax dollars are being used. But there will indeed be a Tax Day this year, proving that taxes truly are among the few things in life that are unavoidable.
Although we experience Tax Day firsthand each year, there’s still plenty for most taxpayers to learn, especially with this year’s change of schedule from April to July 15. So WalletHub explored this unique occasion from top to bottom in search of the most interesting, revealing Tax Day fun facts out there. You can check out what we found in the infographic below, followed by a Q&A with a panel of tax experts. And if you’ve yet to file, make sure to check out WalletHub’s last-minute tax tips.
Taxes, and our obligations with respect to them, are almost like living, breathing entities. The dynamics are in constant flux, which means we can never stop learning about the process. With that in mind, we posed the following questions to a panel of tax experts in search of a greater understanding of how to successfully navigate this treacherous time of year. You can check out their bios and responses below.
- How is Tax Day 2020 different from past years?
- Has the amount of time and money spent on preparing tax returns changed in recent years? What are some tips for reducing time and money spent?
- Due to COVID-19, the IRS has postponed Tax Day to July 15 from April 15. What are some measures that can be taken to ease the burden on taxpayers with difficulties in meeting tax reporting or payment obligations?