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How do you know the new tax law simplifies filing since it didn't apply to 2017?
by goatherders 9y ago
How do you know the new tax law simplifies filing since it didn't apply to 2017?
- maxerickson 9y agoIt's pretty much guaranteed that fewer people will itemize this year.
- goatherders 9y agoWhoever told you that is a moron. The new tax changes go into effect for 2018. Fewer itemizers for 2017 taxes has nothing to do with the changes to the tax code.
- maxerickson 9y agoI guess my statement as made is ambiguous, but I wouldn't have said "this year" if I meant 2017 taxes.
- goatherders 9y agoOk. Granted fewer people will itemize in 2018. And so what? I don't think TT has a stranglehold on the industry because people worry about their itemizations. In other words, I don't expect TT to have fewer users and less revenue for 2018 returns. No one is going to say "the standard deduction makes sense for me...I no longer need turbo tax"
- ams6110 9y agoWell they should. If you don't even need to itemize you should just fill out the forms from the IRS. If you can do some simple addition and subtraction it's not difficult. Probably just as fast if not faster than being interviewed by your tax program.
- emodendroket 9y agoIf you use TurboTax every year it carries over a lot of information each time.
- Spivak 9y agoBut why? I mean we're in a forum if tech nerds and people are seriously advocating filling out a form and doing calculations manually? You're missing the feature where your information is carried over year to year and all the forms you get can be automatically parsed. "Doing your taxes" with current software can be as simple as uploading a few PDFs and clicking next a bunch of times.
- Retric 9y agoYou generally need to do the itemized calculations to see which one saves you more money. Thus, the result is kind of meaningless as you do the same work either way. The only way to simplify taxes is to actually remove deductions.
- scarface74 9y agoThere are really only a few things most people deduct - state taxes, property taxes, charity and mortgage interest. You have to enter your state taxes anyway. It's not that hard to enter the other three and see if you are below the standard deduction.
- astura 9y agoI (and probably the vast majority of people) don't have to do any calculations to know I'll have less than $24,000 in deductions because $24,000 is ridiculously high amount.
- Retric 9y agoYou can deduct state taxes which adds up. Really 24,000$ is easier to hit than you might think.
- evanpw 9y agoYou can only deduct 10k of state taxes starting next year
- jrs235 9y agoWhich I think is BS for numerous reasons. A few being, the income tax is not how the federal government was supposed nor should be funded. We need appropriated funds and taxes, not a slush bucket that ebbs and flows. Also, states that want to use income taxes to take care of their citizens ought to have priority and not penalize them. Encouraging subunits to be responsible for their needs is a good thing. Decentralizing services is beneficial by design, even if not as efficient. The US is huge and the needs of the states are so diverse we should leave it to the states to address their own needs.