IRS: We know how much you owe us but you need to figure it out. But if you get it wrong, we'll come after you and ruin you financially for a few years.

@steadystackin7250

3 жыл бұрын

Hahahaha

@arielleung3917

3 жыл бұрын

Precisely.

@evm6177

3 жыл бұрын

Lol, wish they just sent us a bill like everybody. 🍷

@biggkoz

3 жыл бұрын

Exactly. It’s such a waste of time for us to file when they already have the information.

@Watch-0w1

3 жыл бұрын

@@cnbc7578 fake!!!!!!

Americans: Hire accountants or spend hours to do their taxes Singaporeans: do nothing and receive a text message from the government that your tax has been deducted from your bank account.

@HIDHIFDB

3 жыл бұрын

thats amazing

@MiG21aholic

3 жыл бұрын

We get emailed about it instead in New Zealand. We're so behind

@donh5794

3 жыл бұрын

It's days, not hours.

@faYte0607

3 жыл бұрын

How would SG govt know how much expense a business incurred if you don't provide it to them?

@finnmontaguealbert3307

3 жыл бұрын

@@faYte0607 Yeah Singapore is a dirty tax haven they don't count.

Why can’t they just tell us what we need to pay like they already known😭😭

@oNeEarThCitIzeN

3 жыл бұрын

the big tax preparation service companies have successfully lobbied congress to prevent the IRS

@elnenelocopolti8021

2 жыл бұрын

@@oNeEarThCitIzeN true. You've said it there bud.. they want to take our money away. I hate this country.

@kenseisato1989

2 жыл бұрын

they wan't a little extra for Fat Tony, you know? because he deserves it

in simpler terms: _"we create this problem, so we could provide the solution, for a fee"_

I really don’t understand why this isn’t an automated process. Even in a 3rd-world country like Mexico, this is all automated. We do our taxes in April and everything is pre-filled in the form. You can also manually edit the form to add any deductions not already included. You send it and get your tax return within days. Most people like me do not even use an accountant for this. It is that easy!

@neue01

3 жыл бұрын

Because the government is a monopoly

@peterbense5650

3 жыл бұрын

@@neue01 No, because the tax preparation software companies help lobby to keep it complicated, because without this complication their business would not exist.

@saulgoodman2018

3 жыл бұрын

Because the IRS doesn't know about any non W4 income.

@davidleaman6801

3 жыл бұрын

Because the USA is so focused on their own greatness, that they can't accept that there is a better way of doing things. It's strange to see. The ability to change has not been a strong suit in the USA, It's a shame since the world is just starting to rev up, both on the technological and scientific fronts. I hope they don't miss out. cdn

@neue01

3 жыл бұрын

@AndreVsHimself the government is a monopoly. I’m not wrong about this. Look it up. :) As a monopoly they have no incentive to make taxes easier. If you had to pay Netflix’s by filling out 50 pages of self incrimination you’d never buy from Netflix. Because they have competition they have to make payment easy. Economics 101.

The reason why "it seems complex" is because it IS complex. The tax code is a social policy code primarily, only secondarily a revenue code.

@RegularGuyism

3 жыл бұрын

You mind elaborating? (Genuinely curious, but obviously you're not obliged to).

@peterbense5650

3 жыл бұрын

​@@RegularGuyism For instance "transfer payments" (i.e. kinds of wealth distribution) happen by way of a tax return (refund) instead of direct payments to eligible households. A great example of this is the EITC, whereby eligible low-income households can receive back more in tax refund than they actually pay in taxes: www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc In some other countries you might instead just stipulate an actually realistic minimum wage, or provide welfare payments directly to eligible individuals. Same also goes for the tax deductions for dependents. The US basically gives you a tax break (ends up being like cash in your pocket, but most people don't see it that way) if you have children or others living in your household for whom you are financially responsible. But instead of just receiving a small amount of money every month to help with this financial burden, you instead get either tax deductions or tax credits. Basically we use our tax code to do a lot of things other than just taxation, which is actually pretty stupid insofar as it makes everything more complicated than it should be. This also places the burden on the individual to know whether or not they are eligible or should claim these benefits. Does a very low income single mother of 3 actually know about the EITC? Hell if I know, but it seems like we should just be giving her some extra money every month instead of the tax-return chicanery that she may not ever even know to claim.

@maa1649

Жыл бұрын

@@peterbense5650 Important to note that shifting the social policy to a direct payment system would then allow to remove all this extra complicated tax codes and instead be a revenue tax control and collections. the burden of the average tax payer, would substantially decrease and the cost would be saved for filing the tax return. So to people thinking direct payment is scamming me of my paid taxes to some one else’s individual economy, remember that they can still get it today through the tax codes but it creates an inefficient system that don’t facilitate easy taxation and at the same time don’t reach the people that are eligible for the current social tax deductions and claims. Creating just overheads and ineffective systems.

I live in The Netherlands. Takes me 20 minutes to do income tax... The Dutch IRS fills in most of the data, I only have to check it and almost every time it is correct.

@waltervila33

3 жыл бұрын

EU 🇪🇺 for the win 💪🏻👍🏻

@mulveysituation2186

3 жыл бұрын

Turbo tax in the US is amazing

@RodrygoDeSilva

3 жыл бұрын

@@mulveysituation2186 The IRS actually gives Turbo that info ( I think ). That's why it's so easy to complete.

@donh5794

3 жыл бұрын

Great job Netherlands. By the way, what part(s) that are filled in might not be correct? Is it done on the Internet and you just submit or resubmit the tax return?

@kendalbrenneman

3 жыл бұрын

Oh good, I just moved here. I hate the IRS and I can't wait to get away from them. But I'm American. So.

Missed something really important: Intuit and other companies in the tax prep space lobby aggressively to prevent tax simplification. For Intuit alone, that totaled 56 lobbyists and $3.3 million in 2020.

@eddiew2325

3 жыл бұрын

And yet no one is speaking up about it. Turbotax essentially got away wijt this whole charade

@cbasmadjian

3 жыл бұрын

Completely agree

@kevindao1103

3 жыл бұрын

To support small businesses, I always say hire a EA or a CPA. And god forbid, don't use TurboTax Live or H&R Block's live option. It costs much more if you just find a CPA yourself. Also, because of that, I refuse to invest in Intuit (Turbotax) stock or H&R Block stock due to their shady business tactics even though their financials are stable.

The IRS already has this information. Stocks, bonds, W-2, 1099 etc. It's like were going to test you to see if your telling the truth and create another complicated layer. Makes no sense!

@Irishanels

Жыл бұрын

And then they fine you if you made mistake.Horrible system.

The U.S. tax code is really unfair to single people. I wish Americans were taxed on an individual rather than household basis.

In Finland you just get a letter from the government that shows your taxes, you just check it and only if you need to make changes (like you estimate that your earnings have changed for upcoming year) you change the info, which you can do online. For normal citizen filing taxes is easy. However, idk how is for business owners

@alluringming

3 жыл бұрын

If only in u.s. we could do this. Would make doing tazes much easier.

@Hairysteed

2 жыл бұрын

That, plus our price tags *actually show the amount you have to pay to get the product.* Americans on the other hand have to do extra math in their heads to factor in taxes and tips. It's like the system is designed to make people hate taxes!

Taxes is a joke. We shouldn't have to "do taxes". The government is responsible for telling us what we owe them, not the other way around. But we all know these large tax companies are the ones benefiting from all of this and lobbying to keep everything complicated.

@doujinflip

3 жыл бұрын

That's the strategy of big business in general: if there's no technical reason to have high barriers to entry (aviation, medicine, heavy industry, etc), they'll create legal ones to suppress the competition and their downward pressure on profits.

@disposabull

3 жыл бұрын

@@doujinflip Bingo. If the tax system was simple tax lawyers and lobbyists wouldn't make money hiding loopholes in the system so the rich can pay no tax. If you think the US is bad it pales in comparison to how corrupt the British system is. In 1066 AD the country was invaded and conquered by the Normans, the country was divided up for about 28,000 families. 1000 years later, most of the land in Britain is still owned by those same families and they have never registered it to be liable for taxes so they have never paid any taxes. A 1000 year tax dodge by the elite.

@peterbense5650

3 жыл бұрын

That's not how the IRS works. The IRS is beholden to the laws passed by congress. They just enforce what is codified into law by our elected officials. For example, the United States has no notion of a "population register" to know what people live at what given address at a given point in time. You'd need this basic information in order to be able to know what tax *rate* to apply (different states tax people differently, and a person could be a part-year resident between two states), and what deductions to apply (tax credits for dependents). You also would need centralized data about people's marital status, etc. None of that data is consolidated anywhere such that they could pre-calculate any of this information on our behalf for us. If you think that it should be and we should have a better system, then you should help elect officials that will help make it that way.

The US cannot take best practices because of special interests

I file my taxes in Tokyo. Before I used an accountant, I would head to the local tax office. Have three or four forms in my pocket. Some young kid would help me with the translations, and after literally 20 minutes it would be completed. After I began hiring a Japanese accountant, she fills out as I recall two forms of between four and eight pages each. Done.

@voltskrafty8936

3 жыл бұрын

So you are an American making money in America doing your taxes in Tokyo?

@jonb3189

3 жыл бұрын

@@voltskrafty8936 Am an America, working in Tokyo. I file both US and Japan taxes. America is the only country that requires X-Pats to file.

@cody4916

3 жыл бұрын

@@jonb3189 Actually there is one other country it's an African dictatorship called Eritrea

It's confusing because all the politicians want to penalize and incentivize all sorts of behavior. They would rather inject themselves into our actions as opposed to stay out of the way, whether they are well-intentioned or not.

I like how all these accountants act like a Byzantine tax code is inevitable since Americans can earn taxes 3 different ways.... exactly the same as developed countries with simple or even automated tax systems. The American system is just bad.

@marcusrick3928

3 жыл бұрын

For real, like I work a 9-5 job and do a little bit of stock on the side! It shouldn’t be that hard to report my income then gains/loses. Instead we would rather make a simple task into some stressful ordeal for many.

On surface America looks like a dream country but, after all of this I don't think that anymore 😂😂 damn the country's a mess. From tax to measuring system 😆

@bradley8575

3 жыл бұрын

Yeah I know and it is surprising that so many people from the country you live in want to move here.

"The reason that the US tax system can seem complex it is because individuals can earn income through different types of ways" Yeah because the rest of the world has only one way to earn income, so their tax system is simpler.. right?

@1x0x

3 жыл бұрын

her income relies on taxes being confusing lol

@peterbense5650

3 жыл бұрын

No. Other countries have different tax rates for different kinds of income, too.

@saulgoodman2018

3 жыл бұрын

The IRS only knows your w4 job. They don't know anything else.

@kmeanxneth

3 жыл бұрын

In Finland you just get a letter from the government that shows your taxes, is that easy. XD and tax are automatically from your income.

@peterbense5650

3 жыл бұрын

@@kmeanxneth Same in Sweden, too... if you are an employee and don't have any business income.

Abolish ALL income taxes by repealing the 16th Amendment. Let SALES TAXES pay for most of our needs.

@riqqarddopv7918

2 жыл бұрын

And cut government spending

Don’t really need to watch the video to know that the process is just overly complicated so that people make mistakes or don’t file what’s necessary to get what they deserve.

Lol...l live in New Zealand and Americans that have settled here can't believe how stress free and easy it is to do their New Zealand tax returns.

@mitchellquartero

Жыл бұрын

Unbelievable

These videos are pure gold.

@dentatusdentatus1592

3 жыл бұрын

Well not pure gold. More like 18 karat gold 😁

Filing taxes is easy - said no one ever.

Short answer - lobbyists and corrupt politicians purposefully make it complicated so you pay big corporations like Intuit and H&R to do them for you

I live in the UK and have never filed a tax return, it is all done through my employer and if I want to claim any tax relief I can just do it online

@phantsi_

3 жыл бұрын

Same thing in my country.

@langelihlemakhoba9917

3 жыл бұрын

Same in South Africa 🇿🇦. The US sometimes doesn't make sense.

@phantsi_

3 жыл бұрын

@@langelihlemakhoba9917 Our country does get somethings right✅ .🇿🇦

@cnbc7578

3 жыл бұрын

Thank you for watching, endeavor to write as soon for more enlightenment or tipS w_h_a_t_s_a_p_p +_1 9_ 7_2 -5 3_4. -6.._9 4_5...

It's by design so that The IRS and CPAs have a reason to exist.

in the US, every time someone is making money, it's hella complicated. In Tax Return, the payer, payees and tax preparer all are making money, hence super complicated.

The enthusiasm for complex tax codes by these accountants is truly admirable!😂☹️

It's working as intended.

Taxes are so confusing that even people talking about why it’s confusing, is confusing to me. The government, IRS, taxes, all this crap makes me wish everything just stopped working and we were forced to live like our ancestors did. I’d probably have better chances hunting my food and providing for my family like that….than doing a simple tax return lol.

I recall one of the issues with the free file system according to an article I read was that tax companies were purposely hiding it by blocking search engines from indexing it and offering similarly named services to confuse people who knew about it. So instead of something like "Turbotax Free File", they'd also have a "Turbotax Free Edition" that they'd buy the keyword ads and have very specific conditions to file for free that most people wouldn't make and would be pushed to another paid edition of the software.

A British view - most people would probably like a simple system, except for the people you pay to do your taxes !

In Canada if you use one of the government approved tax prep programs listed on the CRA sight, they all have an autofill feature. It will fill out your taxes based on all the forms filed with the CRA (Canada Revenue Agency). For most people you can do your taxes and file online in under 10 minutes. Sadly, most Canadians don't do this, much like Americans, they pay H&R Block or whomever.

@void__star

3 жыл бұрын

PSA, I use this autofill feature, and it actually filled out one of my T5s incorrectly because Turbotax doesn't have the right fields for converting foreign dividends.

You should see Estonia. I just watched a video on how efficient and digitized the system is for filing and paying taxes. We really need to step up!

@fgsaramago

3 жыл бұрын

Its a bit more advanced here in Portugal, its where Estonia copied it from ;)

Our taxes were cake walks as before we moved to another State. It was quite the juggling act to do two states and federal, which i'll get to do again when we move to another state later this year... yaaayy..... Even with the unknown territory of multistate tax filing, it still only took about 15-20 minutes to file. TurboTax is extremely user friendly. Been using them for years.

Thank you for this

@cnbc7578

3 жыл бұрын

Thank you for watching, endeavor to write as soon for more enlightenment or tipS w_h_a_t_s_a_p_p +_1 9_ 7_2 -5 3_4. -6.._9 4_5...

Good information

If the government already knows our job and what we earn, why dont they send us forms that are mostly filled out and we have go over thing to see if everything is okay. I heard some countries do this making it easier for everyone.

I have been using TurboTax for 10 years. When making entries, TurboTax will ask a series of simple questions. Very helpful.

@richdibo

3 жыл бұрын

Turbo Tax will not tell you if you did something wrong or omitted something.

@jackli8088

3 жыл бұрын

you can use turbo tax for free, its call freefile, dont confuse it with the free version turbo tax which is a scam

In Germany, you usually do not have to file taxes. Most have only one job, no income from rent, and income from investments is taxed directly by the bank. As long as you are single or married and both partners are in the same tax class, you do not have to file taxes. If you want to file to get money back or have to because you are for example self-employed, you can do it online for free. Or use a great tax program to guide you through it and see whether the returns are worth the 35€ for buying the program. These programs are usually enough for most cases except the most complex ones.

Instead of "tax deductions" and "tax credits" just have the government send direct payments to those that qualify for them like they did with the stimulus checks.

@Watch-0w1

3 жыл бұрын

People don't trust the government. Look what just happen this year

@cohenmarioman

3 жыл бұрын

Stimulus checks were not only based on tax returns but also reconciled on the 2020 return

@peterbense5650

3 жыл бұрын

This sounds ideal in theory but would require that we fund and operate the IRS in a completely different way than we do currently. For example, the US has no real concept of a population register: who lives at what address, when. That information is all self-reported. So right from the get-go the essential information needed to know what tax rates should apply and what household size was at a given point in time simply isn't available. (Which is also the information you'd need in order to send payments directly to households.) I do think we could implement a system that would facilitate this but the tinfoil-hat wearers would think that this is government trying to "control" them, instead of a simple effort to modernize the system.

@PHlophe

3 жыл бұрын

iHola! Bandit, Quetal. having them sift thru all the codes means you won;t be getting any residual cash until a couple of years later. careful what u wish for.

if your only income is a paycheck from a job you should be able to easily file a return. like they said if you have other sources of income it can get complicated. for instance successful actors often form production companies that get paid full gross without any deductions. that way they can write off things like car expenses , assistants, publicists etc.

Another system designed to keep rich people rich and poor people poor. Poor people are usually working a lot more. They don't have the funds to pay someone to do thier taxes nor do they have the time to research how to get it done possibly for free but maybe without deductions that they weren't aware of and missed out on. Meanwhile rich people hire others to do their taxes and find deductions. They get tax advice throughout the year on their purchases to make the most back from those purchases. The argument that a flat tax bracket or simplified taxes hurts working class families is a joke.

As a Brit whos worked for a few different companies the concept of actually doing my taxes seems strange, it's just worked out by your employer and taken out each month over here.

Damn America is so complicated 💀 in my country everything is done by the employer and the government

@cnbc7578

3 жыл бұрын

Thank you for watching, endeavor to write as soon for more enlightenment or tipS w_h_a_t_s_a_p_p +_1 9_ 7_2 -5 3_4. -6.._9 4_5...

Maybe the reason Americans need multiple jobs is because they have to pay so many different taxes in the first place and then politicians come up with all these new tax codes to "alleviate" the same taxes they imposed--further complicating the tax filing. It's a viscous cycle!

Maybe we should just have land value tax or make it the dominant tax and cut out many more.

They buried the lead by not mentioning the free filing system until about 3/4 into the video. It seems to me that the whole complexity around deductions, credits, loopholes, etc... primarily benefit non-traditional workers like those who are self-employed or the wealthy. It can also benefit other people, but it seems to me that people who receive the greatest benefit from deductions, credits, and loopholes are self-employed or wealthy.

@Lightwing

3 жыл бұрын

I'm self employed and it's still a nightmare to file taxes 🤦‍♀️ if I could save $350 on filing every year, I would.

@peterbense5650

3 жыл бұрын

You are right that a lot of these deductions do benefit people other than your average Joe. For example I am able to only pay taxes on 80% of my net rental income from my rental properties due to the QBI ("Qualified Business Income")-deduction provision in the tax code. That means 20 cents of every dollar is tax free. Think about that. www.irs.gov/newsroom/qualified-business-income-deduction I do not think this provision is fair, but it one of the (many) side-effects of what Trump signed into law, and all his supporters cheered, even though a majority of them did not benefit from it. What kind of jobs do you think me getting this tax break creates? Zero. It just meant that I have more after-tax income to reinvest in other passive investments. Another example is that this tax policy "reform" also made certain forms of dividend income (from stocks) only taxable at 15 or 20%. This means that if you are well-off enough to be able to enjoy the benefits of income from stock dividends that you also get the privilege of paying a lower tax rate on it than you likely would if you'd earned that same income. If you don't want this kind of thing to happen, you should pay closer attention to who you vote for.

All the comments seem to be, why is it so complicated in the US compared to country X? My question is why do we even need to pay taxes considering 90% of it is paid by the top 1%? Couldn't there be an even better way to manage taxes while simplifying it?

Just ridiculous! I’ve yet to find one thing the Government does efficiently or easily.

@elenapelayo1

3 жыл бұрын

Thanks to lobbyists Also, the IRS is very short staffed.

In Australia we pay our taxes at the same time as when we purchase things or get payed. We get it all back when our tax return comes around.

I guess my other thought for the US is discover, and utilize every tax break you can get. Real estate deprecation, donations, etc if you have more than just a straight forward W-2 it's worth the small amount of money to hire a tax accountant who can help you reduce your taxable income

"Free File Alliance" that consists of the very private corporations profiting from the service that has to be provided by the government. You can give these corporations your financial data for free if you're poor enough, or you can pay them cash so they could take your data, the choice is yours.

@TheRealE.B.

3 жыл бұрын

Free Fillable Forms makes it so you can let the companies harvest your data regardless of income level.

@donh5794

3 жыл бұрын

Data Harvesting

👏👏👏 very good information. With due respect I want to know about various tax slabs and exemptions and other facilities for reductions available .🙏

One more reason to be thankful that I am Canadian. My taxes are fairly straightforward and would take me a couple of hours at most to complete. Not saying that the Canadian Tax System is simple, it is just not comolex - unless the taxpayer wants to complicate it.

@strsmt

3 жыл бұрын

Compared to completing Australian taxes Canadian taxes are still much more complicated to file. That said the US is ones are something else and the US is unique in the fact that they tax by citizenship so all US citizens are required to continue to file and potentially pay US taxes even they no longer live in the US. So my wife is American and had been living with me in Australia for 6 years when we had an opportunity to live in Canada so that year we moved she needed to file taxes in Australia, Canada and the US. It wasn't fun at all!

@elyenidacevedo1995

2 жыл бұрын

@@strsmt I think the only reason we still do this is because we're used to it I don't understand why non Americans want to change that.

Wow, and I'm annoyed because I have to spend 5 extra minutes (no, really) of tax return because I have a company. Usually I only need to do anything if there's any unusual amendments.

@PHlophe

3 жыл бұрын

Bryn 5 min during the lock down. you've got all day. quit moaning.

All high schools should be teaching this.

@cody4916

3 жыл бұрын

It's illegal for schools to teach taxes

@AUSTINBGRANT

3 жыл бұрын

@@cody4916 weird that 17 states already require students to take personal finance courses. According to the council for economic education. And the irs provides teachers educational plans....

In Sweden it took less than 5 mins to check the info and sign my tax income declaration... online for free on the Tax's office web page...

@rodU65

3 жыл бұрын

In my contry I dont even had to check. The bill is just sent it to me.

@donh5794

3 жыл бұрын

@@rodU65 Where?

I'm a US national working in Sweden. My Swedish tax return is 6 pages. My US tax return is over 100 pages.

@PHlophe

3 жыл бұрын

Pete, its tiny country. of course less paper work

@mitchellquartero

3 жыл бұрын

Us return first then the swedish one second

@peterbense5650

3 жыл бұрын

@@mitchellquartero Is this supposed to be a recommendation? Anyway if it is that's backwards: you have to know how much foreign taxes you have to pay in order to file the US one.

@peterbense5650

3 жыл бұрын

@@PHlophe That doesn't make any sense. Income comes from 3 categories no matter where in the world you live: earned as an employee, from a business, or from investment activity. The US system is needlessly complicated.

I still think tax needs to be simplified especially the federal version. The previous president campaigned on simplifying income tax but blew it and kept the old system in place. Not to mention that only so many people in poverty, but the national debt is outrageous today.

@bluntcabbage6042

3 жыл бұрын

America's tax code is so horrendously complex and needlessly drawn-out that it'd take decades to fully purge it and create a decent, simplified tax code.

@lukeporras1288

3 ай бұрын

Solution: require a 2/3 congressional majority to pass direct federal taxes, all federal taxes expire after 6 years, and reintroduce the requisition system from the Articles of Confederation. The tax code would become infinitely more simple as it would just become state and local taxes most of the time.

Except for this year I only spend ~15mins on my taxes a year.

Our system in the US is outdated and ridiculous! You should watch Adam ruins everything, the episode about taxes. Really makes you see how dumb our system is

It isn't difficult to file taxes if you are single with one job. It takes about fifteen minutes for me to do it each year.

@JourneyDreamMovement

3 жыл бұрын

I learn how to do taxes in school it's easy if your single

@shaunrosenberg4568

3 жыл бұрын

@live for Jesus If you only have 1 job it's easy. But believe me a lot of people have very complex tax situations that will take hours to complete and then you'd need to spend even more time reading through form instructions to see of you are missing something or can get an extra deduction.

@ShaudaySmith

3 жыл бұрын

@@shaunrosenberg4568 True, it's easy for me, but my friends have all these investments and independent businesses, others have alimony/child support.... it's bonkers listening them talk about their tax situations. While i wish i had some of the business success they have, i feel a little bit of relief about my situation during tax season. Some of them spend a lot of money to not owe the government money.

@shaunrosenberg4568

3 жыл бұрын

@@ShaudaySmith Yeah. At that point it's really worth it to just hire a professional. It'll save you money and if you're doing really well the tax prep fees aren't that big of a deal anyways.

@ShaudaySmith

3 жыл бұрын

@@shaunrosenberg4568 good point

Nice and spot on

Just copy the UK system, or really any of the European tax systems. Seriously, even with a relatively complicated situation with a portfolio of shares, property, etc, in the UK, most of the time you literally don't even need to fill out a tax return at all. They're basically reserved for the self-employed or for those in the top 10% of those investing or selling shares (thresholds are put in place to deliberately remove the average investor/ small scale investor, i.e. in the hundreds of thousands generally, from needing to pay tax or fill out a return, unless they are being very active in selling lots of shares in a given year thus bringing themselves over the capital gains tax threshold, for instance).

I've been using an online tax filling site for years now, and never have to spend more than a couple of hours, start to finish.

@tony2719

3 жыл бұрын

Which one?

@ropersix

3 жыл бұрын

@@tony2719 TaxAct.

The average person wouldn't understand the tax code and will either hire a tax preparer or use tax preparation software. It has gotten more complicated over the years

@rr7firefly

2 жыл бұрын

That is by design. Nothing accidental about that.

Nice video

The tax code is unfair because the people with power have the knowledge and ability to use various methods to reduce and eliminate taxes, and actually acquire untaxed income from the government. What is taxable for the poor is usually not taxed when someone with a lot of wealth can make the same condition become non-taxable. Big expenses for the poor is the lack of the ability to reduce taxes by allowing reductions because of commuting and educational expenses, but big business and the wealthy actually find ways to use those expenses to lower their taxable paid amounts. The same scenarios apply to insurance, health, and medical expenses.

Thanks, lobbiests 💀

@shellbmgo1310

3 жыл бұрын

YAY we need richer rich people

@focusonrevenues

3 жыл бұрын

Hey remember, with enough hookers and blow you too can become a lobbyist.

@cnbc7578

3 жыл бұрын

Thank you for watching, endeavor to write as soon for more enlightenment or tipS w_h_a_t_s_a_p_p +_1 9_ 7_2 -5 3_4. -6.._9 4_5...

Please help me understand this. I have always claimed 3 on my taxes throughout the year until I file and then I claim 5. In past years my employer would automatically take out roughly 9 to 10 percent of my paycheck for federal taxes which would more than cover what I owe at the end of the year and guarantee me a decent refund after credits. Now for the past year the same claim of 3 results in almost no taxes being taken out. I make roughly 60k a year. I recently changed this to claiming just 2 and see they only take about 5 percent towards federal taxes. This means at the end of the year I will still owe the other 5 to 7 percent in federal taxes. Do I need to just claim myself throughout the year to ensure they take out the correct 10 percent? Why and when did this change? Seems to me they are setting up so many people to owe when in the past it was never like this. I've done research stating under a certain amount of income you will not owe federal taxes. However at the end of the year they say I still owe the same 10 or 12 percent. That's fine but my question is why did they stop taking out the 10 percent federal taxes they always have when I have never changed anything in my filing status. Do they really think giving people that extra money throughout the year really helps when you will just owe it back when you file? Why change it from what has always worked? Are they trying to confuse or scam people into owing it all at once at the end of the year therefore they can make additional interest on payments if you have not set that 10 percent aside to pay all at once at the end of the year? Any insight would be greatly appreciated. Thank you

Forgot to mention they change the tax code more times than days in the year... Yes over 365 times a year, meant to be confusing

The answer is easy. Those tax prep companies spend money and time to fight getting it automated and easy so they can stay in business. Its dirty , but its how it is with these companies.

The problem is that politics has layered unnecessary complexity. I'd rather not deal with the poor quality customer service of the IRS when their answer is: "it's just how it is and you can't do anything about it" to the stupidity of its systems. It's so high risk to make a mistake because of something new or missed and it costs us more to fix that simple error than to pay for a service to do it for us right the first time.

@peterbense5650

3 жыл бұрын

The IRS as an institution is a pawn, so pointing the finger at them just makes you look like the uneducated one. It is politicians who "engineer" this system. What the congress/senate passes in tax bils is what gets codified in the tax code, and that's what the IRS enforces.

Anyone who's seen the Federal and State "long" tax forms knows why it's so hard to file taxes--no thank you. We need to have a simple, flat tax system like what Steve Forbes proposed in 1996.

"IF the filer knows how to navigate the tax code..." // But that is ridiculous when Intuit (Turbo Tax) and H&R Block spend millions of dollars to lobby Congress to keep the tax code as complicated as possible.

im from chile, ive worked since im 18, im 32 now, i never ever filled any tax report, the only time you have to fill something for taxes is when youre self employed (contractor)

The free file system has been in place since 2003? I never heard of it until last year through an ad. I used it and it was great.

@DeadAir21

3 жыл бұрын

That was done by design

Turbo Tax must have joined that Alliance to keep that system confusing and complicated to use. That way they can protect their main business and reason why so many use their services: easy taxes

@PHlophe

3 жыл бұрын

Chico, that's a sound decision. its called protecting the bottom line. who'd wanna mess with it.

Why taxes are confusing in the US? Like all things in the US, it's that way because someone makes money off of it. In this case, it is tax preparation services that only exist because figuring out taxes is hard and the rich because they want a bunch of deductions so they can pay even less in taxes than they should.

In Poland your Tax Filling are done automatically by PL IRS or you can do it online in 30 min by yourself.

@PHlophe

3 жыл бұрын

well the EU does most of the work so it makes sense .

Ah yes, the classic "create a problem to solve the problem".

Interesting. I arom India and over the years income tax department in india provides simplified software in Excel and java which can file taxes. All taxes are to be filed electronically and there is a govt subsidised program for having tax helpers at very nominal cost. For very simple situations there is a prefilled form in your login. I think the issue in us is unique (from my understanding... thankfully not American) because if the randomness off the law making process with parts of the tax code amended with 'atttached' legislation. The Indian law was more complex till the 90's and then progressively simplified. There has been pending legislation to scrap and rewrite... hopefully make it simpler too.

@manishthakur9851

3 жыл бұрын

I am a CA student and would vouch your statement. I used to file my relative's returns and since 2 years they are filing their on their own. India's tax website is so simple. New 'Sahaj' form for salaried individual is easy to understand. People have learned to file their own return through youtube videos. Now I am worried about my career 😂

It litterally took me 10 minutes to file my taxes in France Once again it seems the US is just lagging behind

@randoms5627

3 жыл бұрын

Are you serious? Man last time i did mine took me 2-3 hrs if not longer felt like an exam

@manishthakur9851

3 жыл бұрын

Don't exaggerated dude. It takes 30 minutes to collect data for filing.

@MrAiglefr

3 жыл бұрын

It litterally took me 10 minutes Everything was already filled, i just had to change my adress because i moved in 2020 and that's it

@randoms5627

3 жыл бұрын

@@manishthakur9851 In the US right? If so then im doing it all wrong then if it takes me that long

@randoms5627

3 жыл бұрын

@UCzM0EeFaga8wg7V4GrBOqtQ im in US😑

I hate doing taxes 😣

Instead of making benefits through tax breaks and deductions, why not simplify the code and provide programs and social security payments?

Wtf 12 hrs ?...takes me 10-15 mins online via my mobile in Australia at tax time even when I'm claiming travel , accommodation, clothing expenses ...as well as power, and internet usage etc. if I'm working from home...and I've always received a credit....why do you guys make simple things hard

I have master's degree in applied math, and i cannot understand the American tax code, is not that the numbers are difficult, is just so confusingly written that one could think it was made like so on purpose.

@DavidEVogel

3 жыл бұрын

ha ha…like… "Take 20 percent of line 8 or 12 depending on which is less. Then multiple line 19 buy line 8 or 13 depending on which is more."

@angelamccoll7014

3 жыл бұрын

I have a MST (Master of Science in Taxation)and the tax code is complicated because it is written by Congress, who are not tax experts. Then it has to be interpreted by the Treasury department to understand what they intended and then the public has to analyze all these authorities together for an answer.

@PHlophe

3 жыл бұрын

Chico what do you do for a living with a master's degree in applied maths. just wanna know.

@elluisito000

3 жыл бұрын

@@PHlophe hi! Fancy excel spreadsheets hahahahaha

@roelsvideosandstuffs1513

Жыл бұрын

Because it is, probably.

It means those who can afford to pay a tax consultant will be able to almost certainly substantially reduce their tax burden.

@PHlophe

3 жыл бұрын

then get you one.

Do I understand correctly that in the US, tax returns are done on paper? Or using -paid- 3rd party software? What a drama! In the Netherlands most people can file their tax return online. All bank, mortgage and income figures are already pre-filled in. You just check if all numbers are OK, add your personal circumstances (for reductions, discounts, etc) and everything is calculated automatically. In a normal year I'm done in 30 minutes (most time used to collect and check all my bank, salary and mortgage annual overviews).

@fgsaramago

3 жыл бұрын

Here in Portugal it has all been online only since 2011. They calculate everything, including any eventual deductions. In fact they keep track of deduction in real time throughout the year so you can see and correct them at any time. If people don't tick the box to confirm they've checked everything is good, they just consider youre ok with what they came up with, no action is required. Americans are crazy..

@isaachayman9231

3 жыл бұрын

All tax forms are on paper here. I get at least three 1099 forms for my investments/second job and a W-2 for my main job. It sucks filing, everything is so confusing that it makes it impossible to do it yourself

@TheRealE.B.

3 жыл бұрын

Yes, the only digital option to file your taxes completely for free without paying a third party directly in the U.S. (Free File FIllable Forms) still goes through a shady joint venture of like 12 of the private tax companies that are all in bed with each other. You don't pay them directly, but I assume they get some fee from the government, and they probably harvest your data. And even then, the system can't accept a written statement explaining something unusual, so if you choose to do that, it's paper-only. The third-party software can't even handle it, because the limitation is on the IRS' end. They tend to not advertise that fact in their ads.

I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.

@PennyBergeron-os4ch

Ай бұрын

I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.

@FinnBraylon

Ай бұрын

This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio

@HildaBennet

Ай бұрын

Hello, how did you handle it? I believe I require a pro after reading these comments

@FinnBraylon

Ай бұрын

SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.

@HildaBennet

Ай бұрын

It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.

I go online and I fill out a free tax form that goes to the Canada Revenue Agency. It takes minutes and I get any refund within a week. If I owe, I can set that up at the same time as I do the form. cdn

I really need to call my job and get my 1090 W2 never got it...

this year, cost 95 bucks and 3+ hours using H&R Block's tax prep program. My taxes aren't that tough, but the program made it horrible. then they wanted 'permission' to use my personal information so as to 'serve me better'. Riiight. No more Block. If I have to pay to get my taxes done, I will hire a real person who lives in my town.

As a 1099, I keep an excel spreadsheet of all my business expenses that are deductible throughout the year. I just email to the tax professional at H&R Block. But with all the different forms needed for each deduction, plus the SEP IRA and other items, the return is always about 40-50 pages.

@cnbc7578

3 жыл бұрын

Thank you for watching, endeavor to write as soon for more enlightenment or tipS w_h_a_t_s_a_p_p +_1 9_ 7_2 -5 3_4. -6.._9 4_5...

Yah, business in a simpler taxation laws could be in a form of consultation/education, planning, and data management. Actually kind of the same, but now more people are going to participate and the jobs would scale up in terms of rewards per hassle for the tax service providers

@fgsaramago

3 жыл бұрын

Its a business that simply shouldn't exist

@Melki

3 жыл бұрын

@@fgsaramago that would be great actually. Like Doctors

In Finland you just get a letter from the government that shows your taxes, is that easy. XD and tax are automatically from your income.

@Irishanels

Жыл бұрын

Everywhere it is easier but in usa.F tax system .

The UK tax system may not be perfect but I get my wage slip and the tax is deducted at source and that is it. Done. Most people don't have second properties or stocks so their reasoning for the complicated US tax system is baffling. Why people who just work full time need to do a tax return is puzzling to me.

Can consider whatever ideas you suggest, But, doing what Europe does.

i hate paying taxes but we have to in order to stay out of jail.

@elianirenge7198

3 жыл бұрын

Also to keep the country running