{"id":9215,"date":"2022-06-09T21:10:09","date_gmt":"2022-06-10T02:10:09","guid":{"rendered":"https:\/\/financialdesignstudio.com\/?p=9215"},"modified":"2022-06-09T21:10:17","modified_gmt":"2022-06-10T02:10:17","slug":"tax-season-review","status":"publish","type":"post","link":"https:\/\/financialdesignstudio.com\/tax-season-review\/","title":{"rendered":"Tax Season Review"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2021\/03\/commentary-michelle-v2.jpg\" alt=\"\" class=\"wp-image-7224\" width=\"303\" height=\"422\" srcset=\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2021\/03\/commentary-michelle-v2.jpg 500w, https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2021\/03\/commentary-michelle-v2-216x300.jpg 216w\" sizes=\"(max-width: 303px) 100vw, 303px\" \/><\/figure><\/div>\n\n\n<p>The 2021 tax season is officially behind us!&nbsp; Each year, by the end of May we are able to breathe a sigh of relief that tax season is complete.&nbsp; Did you know over the past few years there have been some really unusual factors that have made tax preparation and planning more challenging than ever?&nbsp; <\/p>\n\n\n\n<p>Here\u2019s just a few:&nbsp;&nbsp;<\/p>\n\n\n\n<ul><li>During 2020 and 2021: PPP Business loans and Stimulus Checks to Individuals<\/li><li>2020 Tax filing season: Deadline to file was moved later to June 15th<\/li><li>2021: Families received Advanced Child Tax Credits<\/li><\/ul>\n\n\n\n<p>After tax season our team at FDS sits down to discuss how it went and things we notice that are important to change for next year.&nbsp; We track a lot of information so we can ensure we are getting tax returns completed efficiently for you.&nbsp; Some items we keep track of are; the date we first receive documents, the length of time to receive answers back from you, along with the filing date.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tax Season Data<\/h2>\n\n\n\n<p>During our team meeting we decided that sharing some of this information would be helpful to you.&nbsp; This data actually isn\u2019t unique to our firm.&nbsp; It\u2019s being seen in the whole industry, we just happen to be tracking it for ourselves. Unfortunately, it\u2019s even driving many accounting professionals out of the field to early retirement.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Something we have noticed over the past few years is people are <a href=\"https:\/\/financialdesignstudio.com\/video-schedule-your-tax-return\/\" target=\"_blank\" rel=\"noreferrer noopener\">sending tax documents<\/a> later and later.&nbsp; This could be due to other factors:<\/p>\n\n\n\n<ul><li>Financial Institutions taking longer to send tax documents<\/li><li>People\u2019s work and personal lives affected by economic changes<\/li><\/ul>\n\n\n\n<p>The chart below shows this best as you can see when we first received data from clients each year.&nbsp; It has noticeably moved later and later.&nbsp; Why does this matter?&nbsp; Accountants have a capacity of how many returns they can complete per day or week.&nbsp; If too many people send information later, you risk your return not getting filed by the deadline.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/DiM_WeNWxLU-nP6od36R70Hnp8fU8LNJGSCz9z53QhWhrCMw_Goia9czrMxl7YyeOAf7-CvVru17LwG5HkeQZKwMVDm55nfbQvkAoTNeyxmmmEHvgRUP2cAgjFHFnevgxKgSAsysgXAYorNZIQ\" alt=\"Tax Season Documents received\"\/><\/figure>\n\n\n\n<p>Something you\u2019ve probably noticed, too, is that people are moving geographically.&nbsp; Whether the move is related to retirement or family circumstances this affects the amount of knowledge you need as each state is different.&nbsp; Here you can see how the number of states Steve files tax returns for has increased in just the last three years.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"285\" src=\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Annual-Tax-Returns-by-State-1-1024x285.jpg\" alt=\"\" class=\"wp-image-9228\" srcset=\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Annual-Tax-Returns-by-State-1-1024x285.jpg 1024w, https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Annual-Tax-Returns-by-State-1-300x83.jpg 300w, https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Annual-Tax-Returns-by-State-1-768x214.jpg 768w, https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Annual-Tax-Returns-by-State-1-1536x427.jpg 1536w, https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Annual-Tax-Returns-by-State-1.jpg 1694w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>Talk about a lot to keep track of!&nbsp; Given the very unusual tax changes we\u2019ve seen in such a short period of time we wanted to highlight Steve\u2019s great work to keep up with all these changes. Steve cares about accuracy and timeliness amid all of the changes thrown his way.&nbsp; And these didn\u2019t just affect tax filing, but also year-end tax planning each year.&nbsp; If you work with him to prepare your tax return you already know that he does a great job!&nbsp; Thank you for your diligent work, Steve!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2021 tax season is officially behind us!  Over the past few years there have been unusual factors making tax preparation and planning more challenging than ever.<\/p>\n","protected":false},"author":2,"featured_media":9218,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,6],"tags":[148,204,222],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Season Review | Financial Design Studio, Inc.<\/title>\n<meta name=\"description\" content=\"The 2021 tax season is officially behind us! 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Over the past few years there have been unusual factors making tax preparation and planning more challenging than ever.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/financialdesignstudio.com\/tax-season-review\/\" \/>\n<meta property=\"og:site_name\" content=\"Financial Design Studio - Fee-Only Financial Advisor in Chicago Illinois\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/FinancialDesignStudio\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-10T02:10:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-10T02:10:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Tax-Season-Review.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"575\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michelle Smalenberger, CFP\u00ae\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michelle Smalenberger, CFP\u00ae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/\"},\"author\":{\"name\":\"Michelle Smalenberger, CFP\u00ae\",\"@id\":\"https:\/\/financialdesignstudio.com\/#\/schema\/person\/7c4ca133ab388edf21e41e5760e7af92\"},\"headline\":\"Tax Season Review\",\"datePublished\":\"2022-06-10T02:10:09+00:00\",\"dateModified\":\"2022-06-10T02:10:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/\"},\"wordCount\":507,\"publisher\":{\"@id\":\"https:\/\/financialdesignstudio.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Tax-Season-Review.jpg\",\"keywords\":[\"Financial Advisor\",\"tax planning\",\"Taxes\"],\"articleSection\":[\"Tax\",\"Weekly Financial Market Updates\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/\",\"url\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/\",\"name\":\"Tax Season Review | Financial Design Studio, Inc.\",\"isPartOf\":{\"@id\":\"https:\/\/financialdesignstudio.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/financialdesignstudio.com\/tax-season-review\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/financialdesignstudio.com\/wp-content\/uploads\/2022\/06\/Tax-Season-Review.jpg\",\"datePublished\":\"2022-06-10T02:10:09+00:00\",\"dateModified\":\"2022-06-10T02:10:17+00:00\",\"description\":\"The 2021 tax season is officially behind us! 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