Does anyone else hate taxes?

[saden1]

I don't mind paying my taxes...even with all my deductions it doesn't take me more than 1 hour to e-file. Seriously, half of my form is auto filled from the previous year. Last year I forgot to report some stocks I sold, IRS send me a letter telling me their is discrepancy and to send them a new Schedule D...I did, and a month later they sent me $100 check back.

I don't understand all the hate, it really is easy.

[firstdown]

Originally Posted by saden1

I don't mind paying my taxes...even with all my deductions it doesn't take me more than 1 hour to e-file. Seriously, half of my form is auto filled from the previous year. Last year I forgot to report some stocks I sold, IRS send me a letter telling me their is discrepancy and to send them a new Schedule D...I did, and a month later they sent me $100 check back.

I don't understand all the hate, it really is easy.

Try owning a small corporation and doing two tax returns. Last year I finally received a refund from both the Fed. and the State an so this year the state sent me a 1099 so I have to report the refund as income. What the he!! is that about. I don't mind paying a fair tax rate but it tickets me off knowning that probably 50% of what I pay is getting waisted. Thats why I'm against raising taxes and when they can cut waist then maybe we can talk about tax rates. It cost me around $2700 a year to have my CPA do my tax returns and my payroll taxes. I've thought about trying turbo tax but there is just too much money on the table for me too screw it up.

[mlmpetert]

Originally Posted by saden1

I don't mind paying my taxes...even with all my deductions it doesn't take me more than 1 hour to e-file. Seriously, half of my form is auto filled from the previous year. Last year I forgot to report some stocks I sold, IRS send me a letter telling me their is discrepancy and to send them a new Schedule D...I did, and a month later they sent me $100 check back.

I don't understand all the hate, it really is easy.

Its "easy" if you hire a program or an accountant to do most of the work for you. Did your custodian provide you with all the information on the stocks you sold to claim your loss in a nice yearend tax form, or did you have go through account statements to retrieve all the information. Again if you hire someone to do it for your (your custodian) its easy. If you dont its difficult. If you want to try to understand whats going on its extremely difficulty. Tax accountants dont fall into high tax brackets because their jobs are easy.

Its not fair to have a code so complex that we are forced to buy turbo tax or hire a accountant.

Heres a good artical:

George F. Will commentary: GOP has good ideas; just ask Paul Ryan | Columbus Dispatch Politics

"Today's tax system was shaped by sadists who were trying to be nice: Every wrinkle in the code was put there to benefit this or that interest. Since the 1986 tax simplification, the code has been recomplicated more than 14,000 times -- more than once a day."

[Schneed10]

Originally Posted by saden1

I don't mind paying my taxes...even with all my deductions it doesn't take me more than 1 hour to e-file. Seriously, half of my form is auto filled from the previous year. Last year I forgot to report some stocks I sold, IRS send me a letter telling me their is discrepancy and to send them a new Schedule D...I did, and a month later they sent me $100 check back.

I don't understand all the hate, it really is easy.

Well the more dependents you have, the tougher it gets. When I was single it was super simple. When I got married it was still simple. When I bought a house it got a little more complicated because I had to start itemizing deductions. When I had a kid it got a little more complicated, because now you have child tax credits, credits for dependent care expenses, stuff like that. The making work pay credit, while awesome, added another form to the mix this year.

Once you get into owning your own business then you pretty much need either a degree in accounting, 40 hours of free time to spend pouring over the massive instructions, or pay someone to do it. For small business owners the code is a nightmare.

Of course for big businesses it's even worse, they have giant departments devoted solely to tax accounting.

[mlmpetert]

Originally Posted by Schneed10

Well the more dependents you have, the tougher it gets. When I was single it was super simple. When I got married it was still simple. When I bought a house it got a little more complicated because I had to start itemizing deductions. When I had a kid it got a little more complicated, because now you have child tax credits, credits for dependent care expenses, stuff like that. The making work pay credit, while awesome, added another form to the mix this year.

Once you get into owning your own business then you pretty much need either a degree in accounting, 40 hours of free time to spend pouring over the massive instructions, or pay someone to do it. For small business owners the code is a nightmare.

Of course for big businesses it's even worse, they have giant departments devoted solely to tax accounting.

This is my main beef with it. I think most people out there realize the need and importance of paying taxes, but the complexity is ridiculous.

[saden1]

Originally Posted by Schneed10

Well the more dependents you have, the tougher it gets. When I was single it was super simple. When I got married it was still simple. When I bought a house it got a little more complicated because I had to start itemizing deductions. When I had a kid it got a little more complicated, because now you have child tax credits, credits for dependent care expenses, stuff like that. The making work pay credit, while awesome, added another form to the mix this year.

Once you get into owning your own business then you pretty much need either a degree in accounting, 40 hours of free time to spend pouring over the massive instructions, or pay someone to do it. For small business owners the code is a nightmare.

Of course for big businesses it's even worse, they have giant departments devoted solely to tax accounting.

It's definitely a battle that gets harder the more you have to account for...e-filing software has made life a lot easier though. I'd hate to do it the old fashion way. I will say this, I have done all the things you've listed except big business taxes and not once did I feel it was too difficult.