Tax season can be one of the most stressful times for Americans. One of the best ways to decompress is to laugh about it. Tax memes can bring our blood pressure down, but also can shine light on some important tax lessons. Here are seven funny tax memes from which we can all learn something.
1. Not Understanding The Process
If filing your taxes has you confused, you’re not alone. According to Pew Research, many Americans are frustrated by the complexity of the federal tax system, and about half (53%) say its complexity bothers them a lot. No one teaches us how to file a tax return. It’s not a skill you learn in high school that you can apply in the real world later. Most of us are embarrassed, just like Andy Dwyer, that we don’t understand the process. Or we try to tackle our taxes on our own and make costly mistakes.
2. Not Spending Your Return Wisely
Do you feel like the minute your refund hits your account it’s burning a hole in your pocket? Too often we feel like these extra windfalls like a tax return are meant to be spent on things that we want. It’s money that you didn’t have before anyway, right? Actually, if you want to improve your financial health, it’s best to use your refund to pay down debt, add to your emergency fund, or invest. If your return feels more like beer money than a windfall, you may need to learn ways to maximize your return so that you can reinvest it wisely.
3. Trying to Find Loopholes
When filing your taxes, trying to find too many ‘loopholes’ or deductions can lead to serious problems, especially if you get audited by the IRS. When claiming deductions, make sure that you have the proper receipts and documentation. An accountant can help you through this process to make sure that nothing is missed on your taxes, which could save you money or increase your refund. That being said, there are no magic loopholes.
4. Feeling Like You Don’t Deserve Help
You don’t have to be a millionaire to hire a tax professional. Choosing a tax professional can also seem like a daunting task. However, if you get help preparing your taxes you can maximize your return and prevent potential mistakes. You won’t be judged on your income, tax professionals are only there to help. They can also help you get organized and estimate what you might owe ahead of time so there are no surprises come tax season. You may find that with professional help, tax season is a little less stressful.
5. Not Submitting The Correct Forms
There are so many tax forms that it can get incredibly confusing. You can use this IRS interview to determine what forms you need to submit with your tax return. Tax software like TurboTax also walks you through a list of questions to determine which forms you need to submit. The more complex your tax return, most likely the more forms you will need to include. By submitting the right information, you can avoid costly errors.
6. Falsifying Information
While it may be funny that Bart Simpson is creating false deductions on his taxes, doing so can have serious consequences. According to H&R Block, there are several ways that the IRS handles lying on your taxes. This includes fines, audits, loss of future tax credits, civil penalties, or criminal charges. As with all things, honesty on your tax return is the best policy.
7. Feeling Like You Pay Too Much
Do you feel like not everyone pays their fair share of taxes? A Center survey from spring 2023 found that about six in ten U.S. adults say they’re bothered a lot by the feeling that some corporations (61%) and some wealthy people (60%) don’t pay their fair share. According to Pew Research, about two-thirds of Americans (65%) support raising tax rates on large businesses and corporations.
Regardless of how you feel about your tax contributions, this doesn’t mean that you should not pay your taxes altogether. Failure to pay your taxes can result in hefty penalties. The same is true if you fail to file your tax return by the deadline.
How are you preparing for tax season this year? Do you use a professional to prepare your taxes?
Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.