This Tax Season Keep Singing, “I Will Survive, I Know I’ll Stay Alive”
2020 – What a year it was! And, while we are happy to have it be over, the 2020 tax filing season promises to be just as chaotic and confusing thanks to the continued invisible global death threat of COVID-19. With 60 million Americans unemployed, people working remotely instead of in their offices, PPP loans to keep businesses going, hurricanes in our neck of the woods, and firestorms on the west coast of the U.S. the losses are staggering. Add to that the tax law changes of 2017 which everyone is just getting familiar with and the confusion factor increases exponentially. Tax preparers and taxpayers alike are going to be challenged in a multitude of ways as we slog through the season, which is beginning later than usual, but as of yet the deadline has not been moved from April 15th like it was last year.
The fear of getting within 6 feet of our fellow human beings is taking an emotional toll on our natural need and desire to gather together. When all is said and done, it’s simply unprecedented times that we will find our way through together – while keeping our distance.
Questions abound. For instance will there be a third stimulus check? Will PPP loans be forgiven? Will those working from home be able to claim a portion of their rent or mortgage? Currently there are no clear cut, definitive answers which makes a confusing time even more confusing.
The only thing I have to say is, don’t despair. You are not alone. There are sure to be mistakes and misadventures made along the way, but in the immortal words sung by Gloria Gaynor…we will survive! You might be afraid, you might even be petrified. Tax season in a regular year can be terrifying. But keep this dance tune in mind and shout it out, “I will survive, I know I’ll stay alive!” I’ll be singing right along with you.