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Serious question: Tax Returns


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andydp
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PostPosted: 04/14/06 - 10:09    Post subject: Serious question: Tax Returns
Background: something like 65 - 70% of taxpayers have nothing more to declare than their wages and interest income. Because of this they are eligible to use the 1040 EZ, or the electronic 1040s.

I read an article about eliminating doing tax returns and basically having the government send you a "bill" (Or a notice of refund due) based on your W-2, and 1099 interest forms. You pay this bill and its all over. Obviously, if you dispute this you can file your own 1040. It would not be available to people with complex returns, itemized deductions and the like.

I understand this is being done with the California State Income Tax with good results.

Your comments ?

PS the Government already knows what you make. They are just doing the work for you and sending you a bill or a refund.


Last edited by andydp on 04/14/06 - 10:13; edited 1 time in total
MechEngDropout
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PostPosted: 04/14/06 - 10:12    Post subject:
Go for it. 1040EZ requires nothing from me.
.jrjo
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PostPosted: 04/14/06 - 10:13    Post subject:
It's probably a good idea because estimates are in the billions on tax dollars not collected from peeps that just don't file for whatever reason. And all those peeps have simple returns. My hunch is if they just "got the bill" for the few hundred they owed, they'd more than be happy to pay it and have the peace of mind to not get mister taxman knocking at their door someday with penalties and interest.
airehead
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PostPosted: 04/14/06 - 13:13    Post subject:
I'm not sure I trust their math.





/like mine is any better.


Flat tax?
robp
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PostPosted: 04/14/06 - 13:18    Post subject:
airehead wrote:
I'm not sure I trust their math.





/like mine is any better.


Flat tax?


The IRS actually caught a mistake my sister made this year.... the mistake was to her favor and she got a larger refund thanks to their math.
airehead
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PostPosted: 04/14/06 - 13:19    Post subject:
robp wrote:
airehead wrote:
I'm not sure I trust their math.





/like mine is any better.


Flat tax?


The IRS actually caught a mistake my sister made this year.... the mistake was to her favor and she got a larger refund thanks to their math.



Wow. That should be in the Guiness book. I'd never heard of them doing that. Way cool!
andydp
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PostPosted: 04/14/06 - 17:22    Post subject:
airehead wrote:
robp wrote:
airehead wrote:
I'm not sure I trust their math.

/like mine is any better.
Flat tax?


The IRS actually caught a mistake my sister made this year.... the mistake was to her favor and she got a larger refund thanks to their math.

Wow. That should be in the Guiness book. I'd never heard of them doing that. Way cool!


They did it for me about 10 years ago - we got an extra $ 300. (wife was worried about "them" making an error. I had to remind her "they" sent us the money.)

Aire: the basic premise in this is if you don't think its right then you can do your own.
airehead
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PostPosted: 04/14/06 - 17:27    Post subject:
andydp wrote:
airehead wrote:
robp wrote:
airehead wrote:
I'm not sure I trust their math.

/like mine is any better.
Flat tax?


The IRS actually caught a mistake my sister made this year.... the mistake was to her favor and she got a larger refund thanks to their math.

Wow. That should be in the Guiness book. I'd never heard of them doing that. Way cool!


They did it for me about 10 years ago - we got an extra $ 300. (wife was worried about "them" making an error. I had to remind her "they" sent us the money.)

Aire: the basic premise in this is if you don't think its right then you can do your own.


I've just heard of a lot of horror stories. Neutral
purple hayes
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PostPosted: 04/14/06 - 17:55    Post subject:
I itemize every year.
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