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There are over 800 various Federal forms and schedules. And then there are tax forms for state and local governments in addition to Federal tax forms.
You can't complete a 1040 or a 1040EZ and think you understand tax code. Everyones situation is different too.
It's not a competition here. I use turbo tax, which is perfectly fine with the IRS. Every CPA uses tax software as well. In our audit of our business and home, the IRS went through 6 file boxes of paperwork and all our computer files and I did everything correct.
Just a tip, they verify your numbers by looking at all your accounts. So if you keep good records for the money coming in and going out, you'll be fine.
Form 1040 has 20 attachments (up from 14 before 2018), called "schedules")
Schedule A itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $12,000 and $24,000 (for the tax year 2018), depending on age, filing status, and whether the taxpayer and/or spouse is blind.
Schedule B enumerates interest and/or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts.
Schedule C lists income and expenses related to self-employment, and is used by sole proprietors.
Schedule D is used to compute capital gains and losses incurred during the tax year. NOTE: Along with Schedule D, Form 8949 and its Instructions may be required.
Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).
Schedule EIC is used to document a taxpayer's eligibility for the Earned Income Credit.
Schedule F is used to report income and expenses related to farming.
Schedule H is used to report taxes owed due to the employment of household help.
Schedule J is used when averaging farm income over a period of three years.
Schedule L (until 2010) was used to figure an increased standard deduction in certain cases.[2]
Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400).[3]
Schedule R is used to calculate the Credit for the Elderly or the Disabled.
Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).
Schedule 8812[4] is used to calculate the Child Tax Credit.
The vast majority will need very few of those forms.
It's not a competition here. I use turbo tax, which is perfectly fine with the IRS. Every CPA uses tax software as well. In our audit of our business and home, the IRS went through 6 file boxes of paperwork and all our computer files and I did everything correct.
Just a tip, they verify your numbers by looking at all your accounts. So if you keep good records for the money coming in and going out, you'll be fine.
omg, I am pointing out that everyone's circumstances are different. Just because you do your taxes on turbo tax doesn't mean everyone can. Since my situation is more complicated than your is I pay a bookkeeper, quickbooks and to make sure I'm up to date on quarterlies. Throughout the year many people consult with CPA's too. At tax time the CPA to complete the taxes.
People think because they complete a 1040, 1040EZ, use turbo tax that this is all there is to it, worse, they think they know all 84000 pages of the federal tax code Again, don't make judgments based on your own experience. I'm in the business of providing a service and don't let a mountain of paperwork, and gov't compliance take me away from that. I pay people to take care of that.
No wonder its so easy to manipulate people to think they are going after the rich lol
Democrats tried one tax-the-rich plan to another. And yet Democrats can’t find a way. Clinton, Obama, and Trump's SALT tax cap raised taxes on the rich.
I remember when Trump's tax plan included the SALT cap, Schumer went on TV screaming a SALT tax cap raised taxes on the poor. That was a lie. Schumer knew people didn't understand. The media and democrats screamed with him. The fact is that even with the cap the deduction benefits the wealthy the most, capping limited the tax cut. Perhaps the easiest and simplest way of raising taxes on the rich — by getting rid of this deduction — is not even being proposed.
Schumer and allies have been quietly without much complaint been lobbying to remove the SALT cap for what amounts to a tax cut for rich.
Democrats think the $600 threshold will get the wealthy lol.Ba ha ha ha
Some of the wealthy got there by selling lots and lots of items that each cost somewhere around $600. Some big businesses started out on amazon or eBay. I don’t know why you are parodying this.
Ted Cruz once proposed he would make the tax code so simple you could do your taxes on a postcard. That idea should gain traction again.
Where are we going to create the jobs to replace both tax preparers and the IRS jobs you cut? That is the one problem I ever have with changes to the tax system. Another is most tax proposals especially sales tax are regressive.
"Tax the Rich" is a false mantra to give politicians support to raise taxes. If this was untrue then after all the changes there would not be a rich class. If there is a tax code change, the rich make changes in how they do things.
The government legislators only ever raise taxes, after they have made sure there are enough handouts, subsides, loans, regulatory loopholes, tax loopholes, carve outs, special exemptions, or even maybe private-federal partnerships, so when all is said and done their rich benefactors will escape paying any increase in taxes, and in fact will probably increase their wealth and market shares.
The government legislators only ever raise taxes, after they have made sure there are enough handouts, subsides, loans, regulatory loopholes, tax loopholes, carve outs, special exemptions, or even maybe private-federal partnerships, so when all is said and done their rich benefactors will escape paying any increase in taxes, and in fact will probably increase their wealth and market shares.
Yep you are right and this is exactly my point. Every time politicians say they are going after the rich they don't and end up getting the middle class. Yet the masses cheer as they buy into the typical political "tax the rich" script lol.
The government legislators only ever raise taxes, after they have made sure there are enough handouts, subsides, loans, regulatory loopholes, tax loopholes, carve outs, special exemptions, or even maybe private-federal partnerships, so when all is said and done their rich benefactors will escape paying any increase in taxes, and in fact will probably increase their wealth and market shares.
As I said I'll never forget Schumer ranting that Trump's SALT cap raised taxes on the poor. He knew the media and the masses would buy and sing his lie and they did . Schumer was mad because Trump's SALT cap actually did raise taxes on the rich. And Democrats fought Trump
Do you know any poor that can afford to pay over $10k a year in SALT taxes?
Form 1040 has 20 attachments (up from 14 before 2018), called "schedules")
Schedule A itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $12,000 and $24,000 (for the tax year 2018), depending on age, filing status, and whether the taxpayer and/or spouse is blind.
Schedule B enumerates interest and/or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts.
Schedule C lists income and expenses related to self-employment, and is used by sole proprietors.
Schedule D is used to compute capital gains and losses incurred during the tax year. NOTE: Along with Schedule D, Form 8949 and its Instructions may be required.
Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).
Schedule EIC is used to document a taxpayer's eligibility for the Earned Income Credit.
Schedule F is used to report income and expenses related to farming.
Schedule H is used to report taxes owed due to the employment of household help.
Schedule J is used when averaging farm income over a period of three years.
Schedule L (until 2010) was used to figure an increased standard deduction in certain cases.[2]
Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400).[3]
Schedule R is used to calculate the Credit for the Elderly or the Disabled.
Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).
Schedule 8812[4] is used to calculate the Child Tax Credit.
Most people don't have to deal with all that. Ever try TurboTax or one of the other automated systems? They are pretty good for most people who get one or two W2 forms from employers and a few 1099s from bank and investment companies.
Half the forms you listed are basically worksheets. Turbotax just calculates those for you. Aren't computers wonderful?
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Again, don't make judgments based on your own experience. I'm in the business of providing a service and don't let a mountain of paperwork, and gov't compliance take me away from that. I pay people to take care of that.
