Wednesday, April 15, 2020

Tax Day

April 15th is tax day.  Most years.  Not this year, I think they've extended it by 90 days.  Nonetheless, I completed and submitted my tax return a few weekends ago.  And it was as horrible as I feared.  I ended up owing the IRS about $5000.  More than double last year.  At least based on the current stock market and the hit to my savings, I shouldn't owe so much next year!  I don't know, I always use online software to complete my return and wonder whether actually using a professional would make a difference.  I doubt it - it's not like I have loads of obscure income streams.  There's probably a million different ways I can reduce taxes, some obvious and probably a lot more less obvious.  And I'm very skeptical about the software and whether it really is giving me the best result or just the easiest result with the standard deduction.  Why the US doesn't just tax at source like in the UK, eliminating the need to file a return for a lot of people, is beyond me?  I know why - a lot of people are making good money out of this scam.     

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