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Started By
Message
re: Treasury, IRS reveal a postcard-size form to file your taxes
Posted on 6/29/18 at 9:14 pm to HonoraryCoonass
Posted on 6/29/18 at 9:14 pm to HonoraryCoonass
quote:
Then your tax form will be the size of a computer.
Well played.
0
Posted on 6/29/18 at 9:14 pm to Tiguar
quote:Checked it out on dot gov. Last year's deduction was $10,200. So $12,000 isn't double. Not even close.
I thought it was 6k
Plus it looks exactly like last year's form (nothing simplified), except now it's in postcard size and will make it that much more difficult to fill in the tiny boxes. Wonder how much of our tax dollars were wasted on this?
This post was edited on 6/29/18 at 9:15 pm
Posted on 6/29/18 at 9:14 pm to teke184
quote:
A lot of the people going through those firms are ones looking for short term loans against their potential refund.
And those advance refund fees are ridiculously high. With modern e-filing, most taxpayers can have their refund direct deposited from 7 - 10 days of the IRS accepting their return.
Posted on 6/29/18 at 9:24 pm to TX Tiger
quote:
Checked it out on dot gov. Last year's deduction was $10,200. So $12,000 isn't double. Not even close.
That is not correct. You are also including the personal exemption with the standard deduction and the total amount was $10,400, not $10,200. ($6,350 SD + $4,050 PE) Personal exemption is now a thing of the past. Approximate doubling of the standard deduction for 2018 is correct.
Posted on 6/29/18 at 9:34 pm to TX Tiger
quote:
Where do you see a doubling? It says $12,000 for single person is standard deduction. Was it $6000 last year?
Last year, SD was $6,350 for a single person. This year it is $12,000 with zero personal exemption. Approximately doubled for the SD. I should have been more precise on that point.
Posted on 6/29/18 at 9:38 pm to BFIV
quote:
Curious to see how this affects the brick and mortar tax prep firms.
I’m expecting a small hit at my firm. We do a small amount of EZs and it’s usually for a clients kids and I rarely even charge for them.
I may lose out on some A’s but it will be made up with the increase in price for Sch C’s and corporate returns.
Posted on 6/29/18 at 9:44 pm to BFIV
quote:So the previous total deduction for the EZ form was $10,200, but because they are taking away the personal exemption they can now claim they are doubling the deduction from 6 to 12,000?
Where do you see a doubling? It says $12,000 for single person is standard deduction. Was it $6000 last year?
Last year, SD was $6,350 for a single person. This year it is $12,000 with zero personal exemption. Approximately doubled for the SD. I should have been more precise on that point.
Only government could come up with that fuzzy math.
This post was edited on 6/30/18 at 8:33 am
Posted on 6/29/18 at 10:09 pm to dr smartass phd
Full year health coverage.
Why would this even be on the form if the mandate was repealed and we are no longer taxed if we do not buy overpriced health insurance?
Any experts know the answer?
Why would this even be on the form if the mandate was repealed and we are no longer taxed if we do not buy overpriced health insurance?
Any experts know the answer?
Posted on 6/29/18 at 10:10 pm to BFIV
These individuals generally don’t have checking accounts for whatever reason.
Posted on 6/29/18 at 11:29 pm to dr smartass phd
that is just the original 1040EZ form some 20 years back, back when it was actually an "EZ" form to fill out
Posted on 6/30/18 at 10:07 am to TX Tiger
I don't think you're right.
quote:
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from$6,300 in 2016; for
Posted on 6/30/18 at 10:21 am to Tiguar
quote:Correct.
I don't think you're right.
quote:The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from$6,300 in 2016; for
My point was that the total sum of deductions for a single filer are not doubled as Trump and the government would have us believe. Yes, there is an increase of about $1,800 (from $10,200 to $12,000 in total deductions), which translates into a dollar amount of roughly $180.
Hardly the tax overhaul Trump and the government is putting forth, and certainly doesn't overcome the increase at the gas pump and the grocery store.
This post was edited on 6/30/18 at 10:24 am
Posted on 6/30/18 at 10:23 am to TX Tiger
I'm not sure anyone of any intellectual capacity was ever arguing that, though. The party line has always been a doubling of the standard deduction.
I never took anything other than the standard, so it did in fact double for me.
I never took anything other than the standard, so it did in fact double for me.
Posted on 6/30/18 at 10:26 am to Tiguar
quote:
I'm not sure anyone of any intellectual capacity was ever arguing that, though. The party line has always been a doubling of the standard deduction.
I never took anything other than the standard, so it did in fact double for me.
Posted on 6/30/18 at 10:49 am to dr smartass phd
Who down voted this 
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