You Didn't Bury a Shoebox in the Backyard, Did You? How to Tackle Those Long-Overdue 2020 Taxes
Let's face it, folks, 2020 was a year that will go down in history (hopefully not just for the toilet paper shortage). But between the sourdough starter obsession and dodging rogue coughs at the grocery store, taxes probably weren't exactly at the top of your mind. Maybe you shoved all your receipts in a drawer with the vague intention of dealing with them "later," or perhaps you dreamt up an elaborate story about training a tax-filing attack ferret (cute, but not recommended).
Well, guess what? "Later" has arrived, and surprise, your ferret isn't exactly an accounting whiz. But fear not, procrastinators of the tax world, there's still hope!
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| How Do I File My 2020 Taxes |
The Great Tax Dig: Unearthing Your Paperwork
First things first, you'll need to gather your troops – all your W-2s, 1099s, receipts for that home office chair you definitely didn't use for Netflix binges (wink wink), and anything else that might remotely resemble tax-related documentation. Think of it as an archaeological dig, only instead of dusty bones, you're unearthing the glorious potential for a refund (or, you know, the chance to avoid owing a small fortune).
QuickTip: Skip distractions — focus on the words.
Pro Tip: If your organizational skills resemble a toddler's art project gone rogue, there's a good chance your inbox is overflowing with helpful emails from employers and financial institutions with the subject line "URGENT: Tax Documents." Hallelujah for technology!
Filing Options: From DIY to "Help, I'm Drowning in Numbers!"
Now, let's talk filing methods. There are a few options, each with its own level of complexity (and potential for existential dread).
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- Do-It-Yourself Dynamite: This option is great for the brave souls who enjoy a good puzzle and the thrill of potentially messing up and owing the IRS their firstborn child (okay, maybe not that bad, but it can feel dramatic). There are free online filing options available, but be warned, it can get confusing.
- Tax Software Savior: For those who like a little hand-holding, tax software can be a lifesaver. These programs walk you through the process step-by-step and can help ensure you don't miss any deductions.
- The "I-Would-Rather-Eat-Stapler" Approach: If the thought of numbers makes you sweat, then consider enlisting the help of a professional tax preparer. They'll take care of everything for a fee, leaving you free to focus on more enjoyable activities, like perfecting your sourdough skills.
Important Deadlines to Remember (Don't Make Us Chase You With Deadlines!)
The deadline for filing your 2020 taxes has already passed, but you can still file and potentially avoid penalties and interest. The new deadline to file and pay any tax owed is October 15, 2024.
If you're expecting a refund, there's no penalty for filing late! However, the sooner you file, the sooner you get your sweet, sweet tax money.
QuickTip: Skim the first line of each paragraph.
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FAQ: Tax Time Troubleshoot
How to Find My Old Tax Documents?
- Check your email for statements and W-2s from employers and financial institutions.
- You can also try retrieving them online from your employer or bank's website.
How Do I Know If I Owe Taxes or Will Get a Refund?
QuickTip: Pause when something feels important.
- Tax software can help you estimate your tax liability.
- The IRS website also has a number of resources to help you figure out what you owe.
How Do I File for an Extension?
- Even if you can't file by the deadline, you can file an extension for an additional six months to file your return. However, this extension only applies to filing, not paying any taxes you owe.
How Do I Claim My Stimulus Payments on My Tax Return?
- You don't need to include your stimulus payments as income on your tax return.
How Do I Avoid This Tax Procrastination Mess Next Year?
- Set aside a designated spot for tax documents throughout the year.
- Consider filing electronically – it's faster, easier, and better for the environment!
Remember, even though 2020 was a doozy, filing your taxes doesn't have to be a nightmare. With a little planning and the right approach, you can conquer tax season and maybe even emerge victorious with a refund to celebrate
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