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I just filed my taxes on Friday, the last date of the extension. When you change the tax code 3 times in one year, after overhauling it a few years earlier, it
by vmception 5y ago
I just filed my taxes on Friday, the last date of the extension. When you change the tax code 3 times in one year, after overhauling it a few years earlier, it can complicate the ability to report.
Also the 2020 tax code changes allowed for 100% deductions against your income for donations to some kinds of non-profits. That plus being able to withdraw from 401ks, plus having large drops in income, means many people would not have anything to pay. You can always spend more than you earn (on certain things) and nullify your taxes that year. You just have to have more than you earn already, whether its savings, credit card debt, or other capital. So it should be obvious thats not an experience most people ever have, if they are barely making ends meet to cover living costs monthly. But its always available.