Are today’s accountants up to speed on Girl Math? 💝 Do they know that weekly pedicures should be filed under healthcare expenses? Getting pampered is a mental health MUST during an apocalypse. 💅
We touched on the bean counter shortage over the summer. The bad news? It hasn’t improved and it could really throw a wrench in this year’s tax season. 💸
Here’s Five Fast Facts on the nationwide accountant shortage:
- 👋 Bye, Bye, Bye - From Baby Boomer mass retirement to straight up burnout, accountants have been leaving their jobs in droves. Over the last several years, over 300,000 accountants said peace out to the profession. The problem? Not enough young bucks are filling those empty shoes.
- 🧮 Spilling the Beans - The accountant shortage is screwing companies big time, but it can also impact American families. Households that usually work with an accountant to file taxes might have to do things on their own. This could lead to errors, which lead to costly IRS fines. Additionally, once you’re flagged by the IRS once, they’re more likely to audit you again down the road.
- ⌚ Delay of Game - Along with a shortage of accountants, the IRS is understaffed, too. While most refunds are processed within 21 days of filing online, filings with errors can take much longer. If you have to file an amended return, you might not see your refund for a month or longer.
- 🗃️ Are We Recording? - If you’re filing by yourself this year, keeping good records is one of the best ways to avoid errors. Instead of scrambling to find a year’s worth of receipts and statements in April, keep track of it year round to reduce stress. Keep hard copies of important documents in a dedicated tax folder, or create a digital folder on your computer. The more you keep everything in one place, the less likely you are to miss things.
- ✅ Git-R-Done - Most Americans file their taxes just shy of the April 15th deadline. Don’t be like them. Filing early means you’ll likely get your refund early. It also means less delays if you have errors to correct. Want more reasons why it pays to file early? We have an article for that.
🔥Bottom line: You’re gonna file those taxes early, right champ? We’re not encouraging any late behavior, but if you miss the deadline, you can request an extension. The IRS could give you until October 15 to file. BUT! That only applies to filing. If you owe Uncle Sam any money, he still needs it by April. Moral of the story? Just get it all done early, birdie.
Do you work with an accountant during tax time?
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