4 ms·
The IRS has the income part of your return, not necessarily the expense part. Most people hit the standard deduction, but to do it right you need to actually do
by mannyv 3y ago
The IRS has the income part of your return, not necessarily the expense part. Most people hit the standard deduction, but to do it right you need to actually do the expense part and compare.
Also they may have problems retrieving data in realtime. The IRS was a batch operation historically, and transitioning to realtime is challenging.
I mean what, are you going to do, put ip a wait cursor while joe bob mounts tape number 2,578,998,321?
- blahedo 3y ago> Most people hit the standard deduction, Is this still true? After they raised the deduction and capped the sales/local tax deductions (and some others too I thought), I assumed a lot of people that used to hit the standard deduction now didn't.
- mannyv 3y agoMost people rent, and their deductions won't add up to 14.6k/29.2 without a mortgage. That said, the vast majority of tax is paid by people who don't take the SD.
- deleted 3y ago[deleted]