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Isn't it weird how 2020 was the longest year in the history of time, but it still feels like this tax season just snuck up on us? Nevertheless, tax time is somehow here again, which means you should probably start gathering your documents, take a few deep breaths, and get to filing.
But in the name of procrastination, instead of doing mine I rounded up 18 great tweets that capture all the emotions of filing a tax return:
Plus a few tips that'll hopefully come in handy when you get around to filing yours (finally).
1. The realization that nothing in your life prepared you for filing your taxes:
I think about this every time Tax season comes around...
It would have been very cool to learn this stuff in school, but luckily there are lots of solid resources online that can help you figure it out. For example, if you aren't sure whether you even need to file your taxes, put your info into this free interactive tax assistant from the IRS for answers. Or if you're not sure how to get started, take a look at these step-by-step directions. And if you have a simple return (think just a W-2 form, an unemployment form, or if you're a student) then lots of tax prep companies, like H&R Block for one, will let you file online for free.
2. The urge to run away and start a new life:
every year i debate whether it would be easier to file my taxes or to abandon my life and live off the grid in the wilderness, foraging for berries and collecting rainwater
I feel this on a very deep level.
3. And the irrational but ever-present fear that one tiny mistake will get you locked up:
IRS: you owe us money :( Me: how much? IRS: guess :) Me: this much? IRS: No :( Jail ;)
While it would absolutely, unquestionably suck to get audited, your odds of facing jail time over your taxes are pretty slim. According to H&R Block, you would have to be involved in some pretty blatant tax evasion, get selected for an audit, and then get caught acting shady during your audit to really land in that kind of hot water. If you make an honest mistake on your taxes, it's far more likely that you'll end up getting fined (which would also suck, but not as bad as jail).
TL;DR: You probs won't be sent to jail if you unintentionally mess up, but you still want to be careful and file accurately.
4. That feeling when you discover a perfect system:
doing taxes is so easy idk what you guys are talking about Step 1: get your W-2’s Step 2: give them to your dad i don’t know what so hard about that.
I would like to borrow this person's dad, please and thank you.
5. When you're pondering deductions:
me doing my taxes: will i go to jail if i write off this pen? some rich guy doing his taxes: deduct "the sea"
In a nutshell, deductions are expenses that you can subtract from your taxable income that lower the amount of taxes that you'll have to pay. When you file your taxes, you can choose between itemizing your deductions or taking what's called a standard deduction (basically a set amount determined each year by the IRS). If you don't know which option is right for you, this guide might answer some questions — or you can always talk to a pro.
6. When you forget which website you're on:
thought i was doing a buzzfeed quiz but turned out to be my tax return
If only it was this easy!
7. When your friends are excited to get refunds but you owe money this year:
did my taxes and the government says I owe them money for 2020 when im pretty sure they still owe me an explanation
Doing taxes when you're self-employed or doing gig work can be tricky. Basically, while employers take taxes out of each paycheck for you, when you're self-employed or getting a 1099 for your side hustle, you're responsible for paying your share of taxes on that income every quarter.
If you don't already, it's a good idea to use a self-employed tax calculator to figure out how much your quarterly tax payments should be. And if you're ever feeling overwhelmed or really confused about your taxes, then it can be totally worth it to go see a pro.
8. The moment you realize you owe taxes on your investments:
The guy doing my taxes looking at my Robinhood 1099 form...
Pro tip: If you sold any stock or other investments in 2020, then you'll probably owe capital gains tax. Before you file, you might want to try putting your info into a capital gains tax calculator to see about how much you might need to pay.
9. And you set a new record for the fastest you've ever closed a tab:
Started my taxes and they saying I owe so I logged off
Jokes aside, if you owe on your taxes this year and don't think you'll be able to pay by the April 15 deadline, get in touch with the IRS. They might be able to offer you an extension, an installment plan, or another compromise to keep your tax bill from going into collections.
10. The thrill when you see your return has been accepted:
a sext: “the IRS has accepted your tax return”
Plz talk financial responsibility to me.
11. And the long, long wait for your refund to hit....
Okay IRS. I submitted my taxes 5 seconds ago? Why isn’t my money in my account yet?
12. ...which seems to take...
me, on where’s my refund, 45 seconds after I submit my tax return
13. ...forever.
IRS pizza tracker
The waiting is truly the hardest part. If you are expecting a refund or if you're still owed a stimulus payment from last year, filing sooner rather than later will put that cash in your pocket faster.
14. This totally crushing frustration:
We really about to pay taxes to a government that left us on read for an entire year
If you were working a job that gave you a W-2 for 2020, you already paid some taxes last year. But if you file your tax return, at least you'll have a chance at getting some of your money back. Plus, like I mentioned before, if you're owed a stimulus that you didn't get in 2020, filing your tax returns can help you get that cash too. That said, this person makes a really valid point. Filing taxes doesn't feel so great for a lot of us this year, but hopefully you can get some money back out of it.
15. When you're considering ~alternate~ forms of payment:
Getting the IRS one of those coupon books like “One free back rub” or “You choose the movie” instead of paying my tax bill
We have entered the bargaining stage.
16. And when you just want to protect the children:
If I ever have another kid, I’m gonna name them Amazon so they don’t have to pay taxes.
Fun fact that's actually terrible: Amazon paid $0 in federal income taxes in 2017 and 2018, despite making so much money that CEO Jeff Bezos is the second-richest person in the world. Anyway, if this tweet works, I will be changing my name too.
17. How quickly you forget the pain of tax season when a refund comes:
If the Stimmy, Tax refund, and paycheck hit on the same day
If you have a refund coming and you don't already have plans for it, it's a good idea to stash some in savings — especially if you don't have an emergency fund yet that can cover up to three months of expenses. Or you might want to use your refund toward paying down high-interest debt like a credit card or maybe even make an extra contribution to your retirement account. You know your financial situation best, so do what makes the most sense for you.
18. And finally, when you try to get ahead for next year:
Im preparing for tax season next year by staying a step ahead
They say death and taxes are inevitable, but I don't think this is quite what that means.