Stimulus Payments Could Make Tax Season a Nightmare in Early 2021
The COVID-19 pandemic has caused a huge amount of pain and suffering. Not all of the negative impacts have been health-related, though. The measures required to keep the coronavirus outbreak under some semblance of control have had huge financial implications for hundreds of millions of Americans.
To help struggling Americans, the federal government provided stimulus payments early in 2020. Attempts to approve a second round of stimulus payments have thus far not been successful.
Meanwhile, as the end of the year approaches, people are starting to think about tax planning for the 2020 tax year. With many anxiously awaiting the start of tax season in January 2021 to claim refunds, there will likely be a lot of confusion about stimulus payments and other measures intended to help people out. That could make tax preparation a real nightmare early next year.
Source Fool.com
