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I've used a CPA since about 1980. I have a simpler financial life now (only one job and no rental property) but I just don't care to learn enough to do my own. He often finds some small thing here or there that saves me money or trouble.
Hey, I pay someone to mow my lawn and someone else to fix my car. The CPA costs about $150 to save me annoyance. Why not?
I can't stand doing taxes, but I don't think its particularly hard at least for your average person with a W-2, etc.
I think understanding the tax code is extremely important, one of the easiest ways to save money is by giving less to uncle sam. Your average CPA just files your taxes at the end of the year and there is little discussion of a tax strategy (as this discussion would take awhile).
I don't have any problems completing them. It is not fun but it's not too bad! Try taxactononline. The first time you do it will be more time consuming; however they save your information from year to year so after that it gets easier. I can finish them in less than an hour.
+1 for Turbo tax, i think its fun actually! I have been using TT since 1999 and have always gotten decent refunds. I enjoy putting in my info and watching the refund or owe meter go up and down. I call it a meter but just basically the amount changes as you fill in info.
As many resources as there are out there now I can't imagine it being a headache to folks who pay their taxes and aren't trying to get over!
I actually liked the downloadable versions better than the online software. It was faster and you could bring up each form and edit them if needed. This was for H&R Block's taxcut software, I'm sure turbotax is similar.
The funny thing with taxes is 99% of the time when you give your stuff to the accountant they are just plugging in numbers that you give them. You'll spend WAY more time getting all your stuff together than actually entering it in. And accountants are only as good as 1 person, where as software that has been written and tested has the backing of a very large companies research department behind it, and software that automatically updates.
Good thing the rest of America is able to pay for our roads, military, police, fire, education, ATC system, etc.
Actually since the recent introduction of individual income taxes in the US, the Federal Revenue used for Federal spending is only 30% derived from individual taxation.
The idea that Federal spending comes from individual taxes dollar for dollar is incorrect.
During my grandparents time [back when only the uber-wealthy were taxed] the percentage was even lower.
Actually since the recent introduction of individual income taxes in the US, the Federal Revenue used for Federal spending is only 30% derived from individual taxation.
The idea that Federal spending comes from individual taxes dollar for dollar is incorrect.
So 1/3 of their revenue comes from tax payers yet it's incorrect? How so? 1/3 is a large percentage.
100 years ago none of Federal spending came from the common citizen.
The idea that 'we' share some common burden is a fairly new concept born out of the Great Depression.
A dollar of Federal spending today, is not a dollar of individual income taxes collected. It is a common myth though.
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