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Doesn't the bank send the same tax documents to the IRS as they send to you? (Mortgage interest is a commonly itemized deduction.) Itemized deductions could be
by stephengillie 8y ago
Doesn't the bank send the same tax documents to the IRS as they send to you? (Mortgage interest is a commonly itemized deduction.)
Itemized deductions could be a "dispute" item, where you would login, switch from Standard to Itemized, then itemize your deductions. It could possibly recall this setting, and even the deductions, from the previous year's input.
- icedchai 8y agoFor some, yes. However, in some cases, no. For example, I have a sole proprietor with a lot of 'business expenses' (web hosting, software licenses, etc.) Those get deducted. It would be nice to get this streamlined! taxes are such a chore. Too bad there's a multi billion dollar industry - tax preparation and accounting - supported by taxes. It will never happen.
- scarface74 8y agoIt wouldn’t be meant to cover every case. But most people have simple taxes - they receive an income from a job and investments that are already reported and thier only deductions are charity, home mortgage, state taxes and dependent (or did that change this year?)
- sokoloff 8y agoCost basis accounting/tracking for investments was only required for covered securities starting in 2010 to 2013, depending on the type of security involved.