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How do you think carryover losses of subchapter S corporations should be handled to make them easier?
by danielweber 10y ago
How do you think carryover losses of subchapter S corporations should be handled to make them easier?
- SeanDav 10y agoThe idea is to make it easier for the average person. Those involved with subchapter S corporations are probably not amateurs and are not the target audience.
- ams6110 10y agoTaxes are easy for the average person. A basic 1040-A, and certainly 1040-EZ (these two cover most taxpayers), are not difficult to do on paper if you can read and have a little patience. I'm not defending Intuit here, by the way. But most people don't need what they are selling.
- snarfy 10y agoYou cannot itemize a 1040.
- ams6110 10y agoTrue, you need the full 1040 return for that, but most people don't have enough deductions to itemize -- that was my point. The average tax return is a 1040A or 1040EZ with the standard deduction. Those are easy.
- mason55 10y ago> but most people don't have enough deductions to itemize FWIW, $100k in NYC puts your state + city taxes well over the standard deduction.
- danielweber 10y agoI wasn't arguing against that. Rather against the conceit that my tax situation must be the result of people conspiring to keep things complicated, when the big thing (that got me thousands of dollars) was probably something that cannot really be simplified much further. Yet TT found it for me when lots of CPAs just didn't understand it.
- nightski 10y agoIn my mind move to a consumption tax with pre-bate (aka FairTax) and remove corporate income taxes altogether.