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I don't even understand the tax preparation system in general. As a newly-minted Adult, I find it rather frustrating that I collect all the documents that the g
by astrea 7y ago
I don't even understand the tax preparation system in general. As a newly-minted Adult, I find it rather frustrating that I collect all the documents that the government and I both have (or they've sent me) and fill out one big form that condenses all that info. Then if I mess it up/lie, the government comes after me. Ridiculously inefficient system.
- dole 7y agoThat's because it's "voluntary compliance", somewhat based on the honor system, if you can believe that. If you mess up isn't as big a deal as it is if you cheat and are caught. Some people make their livelihood on attempting to lie on their taxes, a fudge here, a fudge there in order to collect more than their share. Some get away with it.
- vonmoltke 7y ago> I collect all the documents that the government and I both have Our tax system is terrible and convoluted, but this statement is not actually correct. In may cases you get copies of tax forms from businesses before the IRS has processed the business return, possibly before the business return has even been submitted. Business and personal returns are processed in parallel and cannot be reconciled against each other until they have all been done. That's why audits almost always have at least one tax year of lag, because that's how long it takes to get through everything. Filing extensions make the process even worse.
- astrea 7y agoAh okay. I just assumed that the fact that my paycheck itemizes the tax withholdings that they were already receiving or at least aware of my taxes to date.