No one likes Tax Day, except for accountants and Uncle Sam. Tax Day 2021 figures to be especially messy, too, as governments across the country struggle to cover shortfalls stemming from the COVID-19 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 even with the continued difficulties of the pandemic, there will be a Tax Day this year as always, proving that taxes truly are among the few things in life that are unavoidable. Tax Day will be delayed until May 17 for most people due to COVID-19, and until June 15 for people impacted by winter storms.
Although we experience Tax Day firsthand each year, there’s still plenty for most taxpayers to learn. 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 2021 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 the severe winter storms and power outages earlier this year, the IRS has postponed Tax Day from May 17 to June 15, for affected residents. What other measures can be taken to ease the burden on taxpayers with difficulties in meeting tax reporting or payment obligations?