Tax Day, Tax Day, Fun, Fun, Fun
Okay, so thanks to Emancipation Day, tax day is postponed until Monday. That means you can lose your weekend to filling out tax forms, too! Since I'm self-employed, this time of year is full of much wailing and gnashing of teeth. I'm not alone, according to John Merline at Investor's Business Daily:
When Barack Obama was running for president, he promised voters a simpler tax code. "When I'm president," he said, "we'll put in place a system where 40 million Americans . .. can do their taxes in less than five minutes."
But President Obama hasn't made good on that promise. Not only is there no five-minute tax form, but since he took office the byzantine tax code has grown increasingly complex. This year, it will take the average taxpayer 23 hours just to fill out form 1040 — up from 21 hours last year, according to the IRS. It now takes seven hours to fill out the so-called 1040 EZ.
Today is also my poor husband's birthday. Every year on his birthday, he cuts massive checks to the federal government and the D.C. government. I hope your day is going better!
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May '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
I was just tellling my wife, as I was finishing my taxes, how if only they would ask me I would be THRILLED, THRILLED I say to pay more. The president read my mind. If I could I would work day and night just for the priveledge of paying all my money to the government. I Love Big Brother.
Re: Tax Day, Tax Day, Fun, Fun, Fun
I file as self-employed too. I just finally got my yearly returns in a few weeks ago, and now I have to get my quarterly returns in by Monday! (I didn't file quarterly returns last year out of ignorance -- I simply didn't know I had to -- and got stuck with a ludicrous fine). Filing taxes is pretty much a part time job that I pay a hefty sum to perform.
May '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
I do a lot of everyday business online. I pay bills, apply for jobs, make purchases, answer surveys, etc. All these entities I interact with have convenient, easy-to-follow in-house forms that are secure and easy to use.
Today I go to www.irs.gov thinking I could just fill out my tax form and send it off electronically. Does the IRS make its 1040, 1040A, and 1040EZ available to be filled out online? No, the IRS "provides options for free brand-name tax software or online fillable forms plus free electronic filing." These form are all contracted by third parties and accessing and using them is just as confusing and time consuming as the paper forms. The website is a labyrinth of rabbit-holes to fall into while trying to comply with our fair and just tax code.
So, the giant bureaucracy of the Federal Government can't design a tax form that a taxpayer can access and fill out without going through a third party? What are we doing putting up with such a complicated mess as this?
Oh, how I wish we could scrap the whole thing.
May '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
Did you compare your "ludicrous fine" to the amount of tax owed? If you received a refund and it is larger than the fine then all you have accomplished is denying yourself the use of your own money to give the government an interest-free loan.
That's the arrogance of the tax code. They give you the overpayment back with no interest, but they fine you for underpayment. They really do believe the money you earned is really theirs first.
Apr '11
Re: Tax Day, Tax Day, Fun, Fun, Fun
It's "The Little Shop of Horrors"...the plant is calling my name...and I'm all out of fingers...that's what Tax day feels like.
Edited on Apr 15, 2011 at 9:33amMay '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
Gotta have my bowl, gotta have my cereal...
PS, somehow, self-employment makes my tax form absurdly easy...
Edited on Apr 15, 2011 at 9:40amApr '11
Re: Tax Day, Tax Day, Fun, Fun, Fun
I'm just an average, everyday working slob with hourly pay, and even I find the tax code too onerous. I finally sprung almost one hundred dollars for tax software because doing taxes myself has proven mistake-prone. Almost every election season I hear some candidate mention "simplifying the tax code". I swear, I think they are mistaking "simplifying the" for "add more rules to" as it just gets more and more complicated.
Nov '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
With Turbo Tax, it took me less than an hour to do my taxes (back at the beginning of February). Could have done it in five-ten minutes, if the stupid thing didn't ask me about all the deductions and junk I wasn't filing for.
Obama's tax code:
1. Gross monies earned: _________
2. Item 1 x .5: _________
3. You pay Item 2
Really easy, right?
Jun '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
I did my teen aged daughter's taxes for her today. She has income from being a partner in an LLC plus W2 income from a retail job. The LLC doesn't withhold social security or any taxes. When I texted her the dollar amount she owed her reply had about 50 exclamation points. I told her to thank Obama.
Our tax hit was insane this year.
Jun '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
I'm still waiting on my accountant to tell me what kind of day I'm having.
Jun '10
Re: Tax Day, Tax Day, Fun, Fun, Fun
TheRoyalFamily: With Turbo Tax, it took me less than an hour to do my taxes (back at the beginning of February). Could have done it in five-ten minutes, if the stupid thing didn't ask me about all the deductions and junk I wasn't filing for.
Obama's tax code:
1. Gross monies earned: _________
2. Item 1 x .5: _________
3. You pay Item 2
Really easy, right? · Apr 15 at 9:52am
Except for the richest Americans and poorest Americans (about 50 percent of the population).
For the former, if Obama has his way, the number in Item 2 will be .75. For the latter, the number is .0.
Jan '11
Re: Tax Day, Tax Day, Fun, Fun, Fun
tabula rasa
TheRoyalFamily: With Turbo Tax, it took me less than an hour to do my taxes (back at the beginning of February). Could have done it in five-ten minutes, if the stupid thing didn't ask me about all the deductions and junk I wasn't filing for.
Obama's tax code:
1. Gross monies earned: _________
2. Item 1 x .5: _________
3. You pay Item 2
Really easy, right? · Apr 15 at 9:52am
Except for the richest Americans and poorest Americans (about 50 percent of the population).
For the former, if Obama has his way, the number in Item 2 will be .75. For the latter, the number is .0. · Apr 15 at 1:57pm
Don't worry, the Republicans will negotiate the top rate down to .73 and declare victory.