Discussion » Questions » History » Timewise, what are some silver linings about COVID hitting in the 1st quarter of 2020, instead of later in the year?
Randy D

Timewise, what are some silver linings about COVID hitting in the 1st quarter of 2020, instead of later in the year?

 

(Yes, I recently filed my 2020 tax returns.)
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Posted - March 7, 2021
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Responses


  • 8214
    Bravo on filing your tax returns. You must be well organized and covid gave you the time to do them. 
      March 7, 2021 8:58 AM MST
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  • 53526

     

      We do it every year in February. Throughout the year, we arrange any tax-related paperwork by month in anticipation of tax day.  Every December, approximately a week before Christmas, we put together all the paperwork and other information needed to file our taxes.  As soon as we receive one of our two W-2 forms in the mail in January, we make an appointment with our tax preparer for about ten days after that. By the time the appointment date rolls around, the second W-2 has arrived by mail, so we have all the documents needed for filing.  Every year, we receive our federal refund between the last week of February or the first two weeks of March. This year, it was March 5th.




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      March 7, 2021 12:20 PM MST
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  • 8214
    That is a wonderful idea however: have you ever thought about paying less tax through the year and investing that money instead.  You will come out ahead. 
      March 7, 2021 3:08 PM MST
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  • 53526

     

      Nope, for over a decade we have purposefully arranged our withholdings in such a way as to always guarantee we will receive a tax refund when we file as opposed to paying more taxes or “break even”.  
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      March 7, 2021 4:02 PM MST
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  • 8214
    Whatever works for you and makes you happy. 
      March 7, 2021 5:43 PM MST
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  • 19937
    I usually file my returns at the end of March, so nothing in that respect will not change anything.  I keep promising myself that I will be more organized next year, but somewhere around April, I go back to my old ways.  Part of the problem this year is that some of my financial information is in my office and I haven't been back there, so I've had to try and access that information from home.  

    EDIT:  Now that I think of it, I guess COVID has prevented me from accessing all my tax information at the office. This post was edited by SpunkySenior at March 8, 2021 9:50 AM MST
      March 7, 2021 9:59 AM MST
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