As 2022 begins, tax practitioners everywhere are looking to the upcoming tax season with trepidation and dread. Since the beginning of the pandemic, the tax industry has not just been preparing tax returns. Rather they have been administering numerous plans from helping clients obtain PPP to reconciling stimulus payments to dealing with an increase in state audits. On top of that, the IRS doesn’t seem to pick up the phone and hasn’t processed all its mail. It would be comical if it weren’t true.
Yet taxes stop for no one. As we begin to look at the 2022 filing season, tax practitioners have some wise advice for taxpayers looking to take control of their tax lives in the new year. The interesting thing is that many center around three unique tax concepts: timing, security and organization.
That might seem odd to many. Afterall, isn’t tax about numbers? Sure, it is a lot of the time. But at the end of the day, a tax return is reporting your financial life to the government. Making sure process is thought through is really important in order to have a clear picture of your finances.
