It’s Nearly the End of May 2020. Do You Know Where Your Taxes Are?

by | May 25, 2020 | Toby Talks Tax | 0 comments

I’ve been so busy hunkering down with my comfy doggie blankie, I missed the fact that it’s almost June – more than halfway through the second quarter of 2020.  Usually by this time of the year, I’ve already run some figures to see if I’m having the right number of bones withheld from my paycheck so I won’t owe Uncle Sam when I file my tax return next April.  But thanks to Nasty Bug floating around, my schedule is off a bit.  So what do I need to do to get my doghouse in good tax order?

  1. Since the deadline for 2019’s tax return was extended to July 15 because of Nasty Bug, I lazed about instead of getting my tax information rounded up.  Because I upgraded my living quarters (you should feel my cozy new doggy bed!) and rented out my old doghouse, I won’t risk doing my own return.  Time for the leash and a walk over to a tax professional, with all my tax documentation for 2019 in paw. 
  2. If I do owe taxes for 2019, I’ll consider whether I should make a contribution to my retirement account.  Because of Covid-19, Uncle Sam extended the deadline to July 15 this year, so I still have a little time.
  3. I also want to make sure I’m having the right amount of taxes withheld from my paycheck for this year.  My boss was kind enough to give me lots of treats back in the first quarter.  I like paying in just enough every year that I don’t owe, but also that I don’t get a big refund, either.

If everything goes according to plan, by July 15, I’ll be able to sit back, prop up my back legs on a leather cushion, and enjoy a nice cool treat without worrying about my obligations to Uncle Sam!