231–240 of 256 posts
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Why is custom software necessary at all? In the Philippines, if you are registered with eFPS, and have an account in one of the accredited banks, nothing is needed except a web browser.
I’m not sure what you mean by custom non-browser software. It wasn’t something I intended to refer to.
This is a good step. Now they need to trash that idea of having electronic payment companies send out a 1099K for anyone with $600/yr of online payments (PayPal, Venmo, etc.). I know they put the idea on hold because of backlash, but they need to dump it entirely. It will only generate $8B in tax revenue over the next 10 years ($800M/yr) but will cause a huge number of people to pay taxes they don't owe when they sel…
I had 1099K with $1M worth of transactions from CoinBase, which generated only like $10k of profit.
Why do I even have to do anything? Just take it from my paycheck directly
The IRS is not actually a godly being that has omniscient knowledge of every transaction that ever goes on and in the future. How is the IRS supposed to figure out how much money to take away from your W2 when you could get a billion dollar windfall at the end of the year and massively change tax bracket?
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By following the model that Spain and other countries follow: take the information they know (which is basically everything since anything meaningful is reported), calculate it, send you what they think you owe, and you either pay it as is or you file taxes manually.
Considering they basically do this for the simplest tax forms: why are we supposed to assume Spain has a better system again? Is this just the typical “European = better” stance so prevalent online?
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> Is this just the typical “European = better” stance so prevalent online? Yes and is often the case, fully justified. When it's the time to file taxes, you go to a government website that tells you all it knows about you - inheritances, donations, salaries, etc etc. You can add stuff if you want (e.g. special deductions), but for most people it's a matter of next next OK Finished. On a government website everyone kn…
While tax filing in the US might be more Byzantine, I’m happy with the trade off of paying lower taxes, relative to most countries with such streamlined taxes. Put differently, if I’m paying very high tax rates, of course I’ll be doubly pissed off if it is also arduous to file.
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The idea that many people would wind up spending the money and not paying taxes is a feature, not a bug. Adding friction on tax collection and enforcement is the goal.
I see. What, exactly, do you think this plan would solve?
Also https://cash.app/taxes
That used to be the original Credit Karma (the tax filing side). I liked them when they didn't require a mobile app to use their service. At least it helped me discover FreeTaxUSA.
Looks like IRS Free File Fillable Forms isn't yet available for 2022 Tax Year returns. Also looks like that's the only IRS e-File option for AGI over $73K that doesn't involve using a commercial software/service (which I assume will probably sell user's financial data, and then also let it get breached).
Just to be clear, Free File Fillable Forms is not run by the IRS, but by a private-sector vendor that is part of the Free File Alliance. I believe it's been run by Intuit and H&R Block at various points, but the current provider seems to be one I hadn't heard of (OnLine Taxes). I don't know the full chain of events and obligations, but my understanding is that there's an agreement in place that the IRS will not provi…
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> Intuit does not "keep tax codes complex" -- your legislators do that all on their own. Lobbying, my friend. Intuit spends money to actively lobby to keep the tax code complex. Don't trust my word? Google it, or start with this [0]. [0]: https://www.nbcnews.com/business/taxes/turbotax-h-r-block-sp...
What did your Senator say when you wrote them a letter to complain?