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Businesses typically do need to file. Individuals may have to report some of the deductables they want to claim. E.g. in Finland employers deduct taxes directl
by jampekka 1y ago
Businesses typically do need to file. Individuals may have to report some of the deductables they want to claim.
E.g. in Finland employers deduct taxes directly from salaries. Also some capital gains taxes are directly deducted by banks etc, or at least the income is reported to the tax office. Yearly the tax office sends a prefilled report based on these. If you are fine with it, you don't have to do anything. If you want to add e.g. deductions, you add them on the tax office's website and it calculates the new report.
I've been getting taxable incomes for 25 years or so and I have never had to do any tax reporting.
- bobthepanda 1y agoThe dumb thing about your Finland example vs the US is that all of that is also done in the US other than the prefilling.
- dh2022 1y agoNit - as far as I know in US this standard deduction applies only to overall household income. It does not apply to Schedule C (aka small business tax return form). For Schedule C you really have to itemize what you spend your money on and keep receipts for some time in case of an audit.
- bobthepanda 1y agoI mean, the grandparent also says that in Finland small businesses need to file
- pwdisswordfishs 1y agoThis comment conflates several things and risks confusing others. Schedule C (self-employment), which is a schedule you attach to your personal income tax return vs a business tax return (different depending on the type of business and what they're reporting) filed by the business. Itemizing deductions (Schedule A) vs reporting/deducting expenses as part of a Schedule C as required by the IRS.