4 ms·
A non-US perspective (Irish). My employer reports my pay, deductions, benefits in kind, income tax, etcetera every month to the Revenue (goes by the acronym PAY
by cricalix 4y ago
A non-US perspective (Irish). My employer reports my pay, deductions, benefits in kind, income tax, etcetera every month to the Revenue (goes by the acronym PAYE - Pay As You Earn). At any point up to three years after the end of a tax year, I can log in and adjust my tax credits, such as medical, carer benefit (ie, taking care of someone long term) and so on. I'll get refunds within a week if I'm owed one; I just did this for 2021's tax credits for working from home (electric, natural gas, broadband). The only paper paperwork I have to do at the moment is capital gains on shares or property.
I have no idea if this approach is compatible with the various state and federal taxes that the US has to deal with; I just know it's so much easier now than when I was a student in the US.
- wpietri 4y agoI'm not an expert, but I think the state/local issues just complicate the implementation. But that sounds wildly better than our increasingly archaic rituals.