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TaxAudit Reveals Eleventh Hour Tax Tips and Strategies for 2020

Source: prnewswire.com - Dec 9, 2020

FOLSOM, Calif., Dec. 8, 2020 /PRNewswire/ -- TaxAudit, the largest tax representation service in the country, today released its last-minute 2020 tax tips. The tips will help taxpayers be proactive with their end-of-year tax and financial decisions that could potentially minimize their tax bill and reduce their chances of falling into tax debt, joining the over 14 million Americans who owe $131 billion in back taxes to the IRS.

A survey conducted earlier this year by TaxAudit revealed that taxpayers are concerned about how COVID-19 will increase the amount of taxes owed during the 2020 filing season with the majority (61%) deeply concerned that the financial impacts of the pandemic may force them into tax debt. Despite the extended tax filing deadline for filing 2019 tax returns, more than a third of taxpayers (37%) did not have the resources to pay their 2019 taxes owed in 2020.

TaxAudit's tips and strategies will help inform taxpayers about ways to potentially save money on their taxes and minimize the chances of going into tax debt.

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Category: General Business