According to a latest IRS release, as reported by the Tax Foundation, in 2020 there were 157.5 Million Tax Returns filed…. this is the fun part of doing this blog, a guess garnered 100 … missed by half … ok digressing….
While pushing a lot of items back until today – the first “Official” Day AFTER tax season… (we appreciate your patience) … with it still hot on our minds, we wanted to share with you a few items about “Tax Season”
This quote was heard verbatim several times (4-5) this year… had to show you!
“Most people do not really know what Tax Season is like!”
There is very much a first year back to normal effect going on since 2019 as well… for various reasons the last three years had ebbs and flows as well as all out stops… NOT this year…
Again pointing to the number of people filing a tax return…. here are the big observations…
EVERYONE was swamped if they touched the financial system in any way….
Processing companies –
Tax Forms
Payroll company forms
Social Security
IRS, call centers
Banks …
Just to name a few… and ANY financial transaction company has a line in front of it
Turbo Tax had some quirks…
Most basis chasing is over – yay
Still easy to miss data – no yay
Most professional Accounting software is very similar in their reporting – finally – yay again!
Happy to have a mandatory line in the sand… It’s really nice to HAVE to have this completed…well unless there was an extension filed… yay one more time
Expect many including ourselves to take a bit of a breather….and if you had slow or frustrating processing … it was probably due to one of the above issues…
About 52 weeks from now we get to do it again… BUT we will be back to a more normal expectations…at least that is our bet…
Happy Tax Season is Over Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
