Taxes 2016

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Hoss

Hoss

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BrutulTM said:
It's been pointed out to me by a few people this year that every tax form that is sent to you by your employers/banks/etc. is also sent to the IRS so they already have 100% of the information in your tax return and they could easily fill them out for you via computer but every time someone suggests this the accountants and companies like H&R Block and Turbotax lobby against it because it would put them out of business. Fuckers. Makes me want to go back to doing it by hand.
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My understanding is that the IRS is about 4 years behind on those things. You can sign up with the IRS to see what has been filed for your SSN. I tried that in late march to make sure no one was going to surprise me with shit again, and it showed nothing. I think the IRS lady on the phone said a forms might take up to 2 years.

Vinen said:
Owed 25 grand on tax day :|
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There would be a shootout at the Hoss compound if I ever have to write the gubmint a check. I have the company take out the maximum to ensure that shit don't happen. I will have to do some soul searching before I ever open a legitimate business to make sure I can do it.

Vinen said:
No. The main reason is my wife purchasing stock options at her company. Pushed us really fucking high.
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That happened to my parents when I was young. We were fucking poor, but right before I graduated HS, my mom got a lot of privately owned stock that she could not sell, but had to claim as income on her taxes. She called it phantom income, and it fucked up my financial aid options royally.
 
BrutulTM

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Cad said:
The tax forms only contain income and certain types of deductions. Your business deductions/etc they have no idea about.

If you're doing 1040EZ/standard deduction then sure I guess. They still need to know if you're claiming kids, what their SS#'s are, etc.
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It's not going to work for businesses, but I think it would work for most personal tax returns. Things like dependants don't change much year to year. My understanding is that in most countries you just go to the IRS website, all your information is there, and if it's correct you just hit submit and your taxes are done. Obviously if you have a kid or one of your kids dies or moves out you will have to tell them, but that's pretty simple compared to filing a tax return in the US right now.

Most economists are in favor of getting rid of all the deductions, lowering all the income tax rates, and adding a VAT. It would sure make things a hell of a lot simpler but it would be a disaster for accountants and the tax prep industry.
 
Hoss

Hoss

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BrutulTM said:
getting rid of all the deductions, lowering all the income tax rates, and adding a VAT.
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No. it was almost a good idea, but No VAT. With getting rid of the deductions, there's no need to add a VAT.
 
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