4 ms·

The 1040EZ doesn't allow one to deduct home mortgage interest. You need a 1098 and a Schedule A and the long-form 1040. That has nothing to do with whether you'

by cestith 10y ago

The 1040EZ doesn't allow one to deduct home mortgage interest. You need a 1098 and a Schedule A and the long-form 1040. That has nothing to do with whether you're filing from a single W2 or multiple 1099 forms. IIRC you can't deduct relocation expenses, wardrobe for work, books and training materials, or a whole bunch of other stuff on a 1040 EZ. So sure, as long as you want to overpay your taxes you can file in about 45 seconds.

ams6110 10y ago
The original article was talking about simple tax returns. In fact, the 1040EZ is relatively new. Much newer than the existence of H&R Block. So evidently their efforts to keep taxes complicated aren't entirely successful. Even a 1040 "long form" (2 pages) with itemized deductions for mortgage interest isn't that complicated. I file about a 10 page return, 1040 with schedule A, schedule C, self-employment and various others and I always do it myself on paper. If you are at the point where you think you need TurboTax, you're probably better off just hiring a local CPA firm to do your taxes.
- Thrymr 10y ago
  Of course, you also need to pay one of the tax prep companies just to file your return online (if you're above an income threshold), because you can't do that directly as an individual, either. Also due to their lobbying.
  - projektfu 10y ago
    For free e-filing for anyone who can fill out the form themselves: https://www.freefilefillableforms.com/ https://www.freefilefillableforms.com/ For free worksheets to do the calculations, http://www.excel1040.com/ http://www.excel1040.com/ Filing the state return electronically is different by state, but often either doable or you can mail it in.
llsf 10y ago
In Europe, I have a pre-filled tax report. Of course, it includes only my employee's income and all the banks interest & dividends and deductions they can automatically get (wrt known family situation, loan interest, etc.). For the rest, it is still up to me to declare additional incomes (e.g. rental properties) or deductions (e.g. donations). It does simplify though the process, especially for "W-2" employees.

by cestith 10y ago

ams6110 10y ago

The original article was talking about simple tax returns. In fact, the 1040EZ is relatively new. Much newer than the existence of H&R Block. So evidently their efforts to keep taxes complicated aren't entirely successful. Even a 1040 "long form" (2 pages) with itemized deductions for mortgage interest isn't that complicated. I file about a 10 page return, 1040 with schedule A, schedule C, self-employment and various others and I always do it myself on paper. If you are at the point where you think you need TurboTax, you're probably better off just hiring a local CPA firm to do your taxes.

Thrymr 10y ago
Of course, you also need to pay one of the tax prep companies just to file your return online (if you're above an income threshold), because you can't do that directly as an individual, either. Also due to their lobbying.
- projektfu 10y ago
  For free e-filing for anyone who can fill out the form themselves: https://www.freefilefillableforms.com/ https://www.freefilefillableforms.com/ For free worksheets to do the calculations, http://www.excel1040.com/ http://www.excel1040.com/ Filing the state return electronically is different by state, but often either doable or you can mail it in.

llsf 10y ago

In Europe, I have a pre-filled tax report. Of course, it includes only my employee's income and all the banks interest & dividends and deductions they can automatically get (wrt known family situation, loan interest, etc.). For the rest, it is still up to me to declare additional incomes (e.g. rental properties) or deductions (e.g. donations). It does simplify though the process, especially for "W-2" employees.