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No. of Recommendations: 5
Completed my taxes and E-filed last night, and I did not have to ask a single question of the board this year!

The last couple of years we let a pro handle the taxes (due to DW's S-corp, now dissolved), but I took back the reigns this year to save a few bucks. Grabbed turbotax out of habit, but was disappointed to find it would not import my old 2011 turbotax records.

Anyhow, this year I had:
Home sale
Home purchase
RSUs vested and sold
ESPP transactions
Schedule C income
401k transfer

It all came together without a hitch, and we don't owe TOO much.

I do have to say though, after actually reading some of the IRS publications around home buy/sell transactions, business deductions, etc., I am completely disgusted with the complexities of our tax code.
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No. of Recommendations: 64
I am completely disgusted with the complexities of our tax code.

I've posted this in years past, but it seems like a good time to post it again. My idea for tax reform:

All it takes is one law, which says simply that all members of congress must prepare their own tax returns. They can't use a CPA, an EA, or any other tax professional. They can't use TurboTax or other tax software. They gotta do it themselves, the old fashioned way: with pencil and paper, guided by IRS publications and form instructions. I'll let them use a calculator. And their returns will be audited by the orneriest knuckle-dragging thugs the IRS can round up. I guarantee that taxes will get simple in a hurry.

Lorenzo
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No. of Recommendations: 1
I've posted this in years past, but it seems like a good time to post it again. My idea for tax reform:

All it takes is one law, which says simply that all members of congress must prepare their own tax returns. They can't use a CPA, an EA, or any other tax professional. They can't use TurboTax or other tax software. They gotta do it themselves, the old fashioned way: with pencil and paper, guided by IRS publications and form instructions. I'll let them use a calculator. And their returns will be audited by the orneriest knuckle-dragging thugs the IRS can round up. I guarantee that taxes will get simple in a hurry.


I have a much simpler solution.

A single law that says that the entire Internal Revenue Code must be short enough to fit on 24 pages of standard 8-1/2" x 11" paper, in 12 point type, with no references to other documents, no attachments, no appendices, ... All there in one place.

This would permit a simple straight line (not necessarily horizontal) for the tax rate or one that curves up (progressive) or down (regressive); it need not go through 0,0.

While they could have different rates for "earned income" and "unearned income", I do not favor that. And there would be room for only a few deductions and loopholes.
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No. of Recommendations: 0
By the way, "We find that for those filing their personal income taxes on 15 April 2014, they must comply with the terms of a tax code that takes 73,954 pages to explain. To tax professionals. "

I think that cutting it to 24 pages would be about right.
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No. of Recommendations: 1
But how about the members of congress who cannot read or write?
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