The ATO’s myTax system is pretty great, I hope with this you guys finally get something as nice.
They don’t know what you are talking about my fellow Aussie. Any A in an acronym means “American” to the USAns. That other countries exist that start with A is unfathomable.
Wow congrats USA for doing something that makes sense before Canada.
It’s literally the Biden admin. They’ve made it a huge priority and followed through.
People knock Biden, but he’s been consistently doing this stuff across the government. It’s refreshing.
I keep bringing up how awesome the new SAVE federal student loan repayment program is. Income based repayments that go as low as $0 with the federal government covering any interest that you payment would have gone towards, plus after 10 years of payments balances of $12k and less are forgiven (11 years for $13k, 12 years for $14k, etc.)
So if you got a low paying degree from a community college, like say an early childhood education degree, you get pretty close to free education since you can make your $0 payments every month and get your entire student debt forgiven after a decade. Or if you have a career that doesn’t pay much at first but ratchets up you only make payments when you have the income to make them, and still get forgiven after 10 years, and there’s no real penalty to paying the $0 payments earlier since the balance hasn’t grown and is still forgiven on the same date. Or like many people who attend community college, if you end up dropping out and getting no degree, you’re not penalized like earlier plans would have penalized you.
I still wish we got a bill at the end of the year like some European countries. Maybe a deadline to send in special forums in case of some edge cases but they know what’s up .
You need to enable JavaScript to use Direct File.
On the plus side, UBO only had to block one script (on the login page at least).
Now if we could do like other countries and just have the government send a pre formatted document of things like wages, dependents, and other taxable items so we all know what we owe because the government has all that information already. Add what you need as far as write offs or other income and send it back. Done. None of this collection of tons of different forms, figuring out what percent you can write off, etc. and submitting it all hoping you don’t get it wrong and get audited or owe fines and interest.
Biden did that, among many other great things for the average american citizen
Darn I was hoping it’d also be available now since I still haven’t filed my taxes this year.
Thank fuck. Finally
🎶At laaaaaaaaast🎶
Mine was too complicated to file for free because I have retirement investments? Seems like a silly reason to force someone to use a paid service.
Same. It sucks having to pay H&R Block $300/year to file my taxes, but their online records save my ass every time I buy a house. I sincerely hope we see a more robust free file system in my lifetime.
$300? Just use Free Tax USA. It’s free for federal and $15 for each state. No, you don’t need extra stuff, unless you think you’ll be audited.
If you spend a little time figuring out your tax situation, you don’t need to pay someone else to do it. Here’s a secret: the people they have doing your taxes don’t necessarily have a master’s degree in tax. Those people are helping corporations or wealthy people with trusts.
You missed the point of my reply. I pointed out that the benefit of H&R block is that they keep the records easily accessible, so when I buy a home I just link the H&R block account to the lender and they pull all of my tax and income history. Saves countless hours of gathering info and filling out paperwork. That’s worth $300/year to me.
Do you buy houses all the time? Do you want your income info to be sold to anyone who will pay? You are paying extra for them to have access to your info.
You wanna pay and extra ~$280 a year because you save a little bit of time when you buy a house? You know FreeTaxUSA has all your documents too, right?
You’ve never bought a house if you think it’s saving “a little bit” of time. We’re talking easily 40 hours of gathering and filing paperwork here. That’s $2,200 of my time. If I buy a house once every 7 years it works out.
Sounds like having any 1099 is ‘too complicated’. So anyone with any sort of savings account that managed to get $10 of interest over a year… So if you have like a thousand dollars in a boring old savings account you are ‘too complicated’.
Yeah. Mine was “too complicated” because I had an HSA. Are you fucking kidding me?
You’re not supposed to be wrecking our economy like that. Spend, baby, spend.
😂😂
Eat shit, lobbying to make simple tax returns something you have to pay Turbo Tax, H&R Block, etc for.
I don’t know much about investing, but i wonder if it would it be a good time to short those companies?
it wouldve been earlier, but now this is priced into the stocks already.
If you don’t know much about investing then you shouldn’t short anything ever. People who know about investing will tell you that even when your logic is 100 percent sound, the market isn’t that predictable and in general the market can stay irrational longer than you can stay solvent.
Isn’t shorting theoretically able to put you in infinite debt?
Theoretically, yes. A short is sorta a negative stock. When you hold a normal stock, the price can never go below zero. But when you hold a negative stock, there’s no maximum value that stock could rise to.
I think you would be margin called and just have astronomical but not infinite debt.
Infinite and astronomical are used interchangeably here. Since you have to return a share to the person you borrowed it from, if you borrowed 1000 shares at $5 and sold them to make 5k, if the price jumps to something like $350 like gamestop, it would cost you $350,000 to cover them.
Making 5k to lose 350k might as well be an infinite loss ot that investor, even though its technically a “smallish” sum. At that scale, it would destroy most people.
You can also pay to get a short going generally and try to wait out the madness,but you have to stay solvent to do it. The very stupid and very surprising “diamond handing” apes caused some hedge fund issues, although I think most just shrugged into other financial instruments.
I feel like shorting will always be riskier than normal investing. With stocks you have people at the company doing their best to raise that stock. With Shorts you are betting against a company that’s trying to survive.
The chances of the CEO pulling something out of their ass, dubious or not, to maintain their profits is too high.
Plus, the news of this would already be priced into the stock, so if anything the price is already low and these companies would need to pivot their business (which would increase the value again) or die (which would lower the price marginally, to zero). Either way, shorting is a bad strategy in this case.
If you get investing returns (like from shorting those companies)… you’re ironically not eligible to use the IRS direct file pilot (or at least for this year).
Edit: this isn’t to knock direct file… which is good and cool (and should be expanded to have more features)
Those companies actually helped develop this, see “free file alliance membership” for details. It includes 17 private companies such as Intuit, H&R Block, TaxSlayer, Tax$simple, etc.
It is already priced in. Our human speed reactions are far too slow when the news has this obvious of a consequence.
For what it’s worth… You’re already eligible to a free tax return if you’re under a certain income.
Eat shit [insert private company here]
Intuit is anything but intuitive
Honestly, they’re probably thrilled. Legislation forced them to provide a free product for this sort of simple, no frills filing, so they won’t be losimg any paying customers to this and probably won’t have to spend dev and qa time supporting the free tier anymore
I hope every CEO gets the worse form of cancer and dies slowly.
Even the founder of Costco (only stepped down as CEO a few years ago), a company famous both for how well it treats its customers, and its workforce?
A few bad apple spoil the bunch.
It might have treated them well compared to the competition, but they didn’t get as large as they are without making massive profits off the work of their employees. There’s a difference between treating the well and treating them fairly.
making massive profits off the work of their employees.
Labor is a cost, not a source of profit, what kind of moronic statement is this? If employees were a source of profit, the notion of downsizing would never exist–why would a company ever lay anyone off, if workers create more value than their wage?
Labor is the source of all profit. How would the company make money if no one did anything? Companies use their control of the means of production to leverage workers into doing labor. They then sell what the labor creates to make money.
They didn’t create anything themselves. They had ownership of the means and that gives them ownership of the output that they profit off of. Money doesn’t just appear. Something has to be produced, which is done through labor.
Sure, sometimes an employee costs more money than they return. First, that doesn’t mean they created no value, just less value than they cost to employ. Second, sometimes this does decrease profit, but is done as a short term reduction of overhead while things change, or it’s just dumb business which isn’t uncommon.
Labor is the source of all profit. How would the company make money if no one did anything?
Charge the customer more for the finished product than what it cost to produce it. Obviously.
The simple fact is that if employees were a source of profit, businesses would all try to hire as many people as they possibly could, because not doing so would literally be leaving money on the table for no reason. But obviously that is not what goes on. When a business is in trouble financially, what’s more common, a hiring freeze, or a hiring spree?
Charge the customer more for the finished product than what it cost to produce it. Obviously.
If there is no labor there is no finished product. Labor creates the thing being sold. Value is extracted from labor and sold.
The simple fact is that if employees were a source of profit, businesses would all try to hire as many people as they possibly could, because not doing so would literally be leaving money on the table for no reason. But obviously that is not what goes on. When a business is in trouble financially, what’s more common, a hiring freeze, or a hiring spree?
This is exactly what they do. They hire as many employees as they possibly can afford to hire and have the means of production for them to operate on. That’s why as a company is more successful they generally have more employees, to extract more wealth from their labor. Yes, sometimes they don’t have things for them to work in that will generate more value than it costs to employ them, in which case they fire them. If they do have the ability and means for them to work on something then they are profit generating.
Yeah, when a company is doing poor financially they cut overhead. This is done as a safety mechanism because they can no longer afford those costs, not because they weren’t generating revenue. There’s a lot of things that can cause this, and he’s it sometimes results in lower profits. The goal is to get their finances in order and stabilize, then continue to grow and expand again. The goal isn’t to shrink and keep shrinking. If that created profit then the most successful companies would be the smallest ones, not the largest.
😂
My chaotic soul appreciates the garbage bin trash level of discourse
Also, the worst hemmeroids ever and a special CEO diet consisting of nothing but exlax and habanero peppers.
Eh, cancer is no joke. It doesn’t discriminate on who it hits. I wouldn’t wish that on anyone, even though I would snicker if these CEOs get hit by lightning lol
Ah fuck it, was going to be cryptic but ill just tell the story.
I worked for Duke university and one of the people in our department had stomach cancer. The head of the department, provost, CEO and president sent out emails asking if anyone would donate their leave for the person in their hospital being treated for cancer. If the person didn’t get the days then they were going to drop them from the company insurance It was bad so the person had to stay in the hospital.
I hope they all get the most the worse form of cancer and slowly die with no family around. If there is a hell, they deserve it.
Oh man freaking brootal. Dropping them from the insurance when they needed it the most? This is we need “socialized” medical insurance.
Universal healthcare should be a right.
Amen to that!
I tried to use it and it wouldn’t work for me. Got halfway through the process and asked some question about me that seemed basic, but resulted in me not being able to use it.
But is it compatible with the tax filing dating sim?
Welcome to 2005, America!
Huh, I went to check - we did it in 2003 (for vat and income tax iirc, ofc they expended it since, nowdays only courtroom stuff doesn’t have online admin systems).
Prior to that you just got the (already filled out) income tax form in the mail - if everything was ok that was usually it. In case you still owed, it included the bill, it they owed you they wired the money to your bank.
If the tax forms were incomplete for some reason (or just not optimised between the members of the same family) you could fill in what they missed (like literally with a pen) & send it back (for them to verify & return it to youb revised).
(This system still works so folk who prefer to do it via paper can do that.)
Hold my beer…American pulling out checkbook
Good. Now make it work for everyone’s tax situation.
