While recipients are usually happy that they have extra money, a tax refund is a lousy deal because you just made an interest-free loan to Uncle Sam!
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Tick-tock, the tax filing deadline is coming up and if you are either a procrastinator or someone who has delayed filing because you owe Uncle Sam money, it’s time to get going!
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As we start the third tax season of the COVID era, be forewarned: It’s going to be another confusing year.
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After a tumultuous 2020, the IRS will open tax filing season on Friday, February 12th, a few weeks later than years in the past. The deadline to file and pay any tax owed reverts to April 15th, after last year’s COVID-19 related extension.
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It just seems wrong, but for millions of Americans, the early summer weeks will include preparing and paying taxes. Because of the pandemic’s timing and impact, the IRS delayed the tax-filing and payment deadlines from April 15th to July 15th.
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