Tag Archives for " IRS "

TurboTax is fast…

Turbo Tax (and of course MANY other applications) do this regularly, to make it seem like the app is actually “working,” rather than do what it does far better than humans – math!

Turns out, lots of apps like Turbo Tax have fake “thinking” animations or progress bars. Because people don’t trust technology.

Source: TurboTax is fast…

How to Fix the Tax Code

How to fix the tax code: Remove corporate, payroll, income, and investment (dividends and capital gains). Replace with a national sales tax.

PLUS

National lottery

Sales tax has to be calculated carefully to replace the lost tax revenue attributable now to the current taxes. Additionally, the sales tax should be made to be "progressive" – necessities are taxed at 0 or the lowest rates, luxuries at the highest rates. This is an easy exercise.

National lottery is "extra." It pays for the additional obligations we're faced with from social security and Medicare due to the aging population.

And it's mostly financed by old people who spend their social security now on state lotteries and bingo anyway 🙂

Time To Prepare Your Income Taxes

I won’t go nuts (THIS TIME!) on why I hate our tax system, but I will say this:

If you don’t file your income tax returns, the government will find you!

So, do them.

But don’t pay H&R Block or an accountant to do them! Unless you’re Warren Buffett or own rental properties, there is really nothing you cannot handle. While our tax code is exasperatingly ridiculous, TurboTax walks you through the mess and delivers a complete, accurate, and relatively painless method for filing.

This year, they even include free e-file with the Deluxe version.

The most critical part of doing your taxes is getting all your records in order. Once that’s done, it’s as simple as following the guided questions that TurboTax provides.

Here’s what you do to get TurboTax:

Then, launch it and answer the questions as TurboTax presents them.

As you might imagine, I don’t really like buying packaged software – it costs more money (usually) and it costs time for delivery. Plus, it wastes a lot of paper, ink, gas, etc. Digital downloads are the only way to fly!

BUT, make a backup of the installation program onto CD or DVD and store it away, along with any serial numbers you get. A practice I like to follow is to burn any supporting material (like serial #s) onto the “backup disc” and also label the disk with the title and serial #.

I’ve been burned a few times by not doing this and it takes me a while to recover the serial #s, etc. No fun.

Here’s to a successful tax return completion!