Taxes

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Mori Chu
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Taxes

Post by Mori Chu »

I hate taxes. To me the dumbest part is that the IRS already knows exactly how much you owe, but you have to recalculate it anyway, because ... reasons?


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Nodack
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Re: Taxes

Post by Nodack »

I hate tax time too. I am a musician, which means I get to itemize everything. I am supposed to keep a log of every mile I drive for every gig. The whole thing is a pain in the ass and I dread it every year. I curse you for even mentioning it mori. 😎

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Superbone
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Re: Taxes

Post by Superbone »

Heh, that's pretty funny. I never thought of it like that. If they know what we owe, just tell us!
"Be Legendary."

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Mori Chu
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Re: Taxes

Post by Mori Chu »

Superbone wrote:
Sat Apr 02, 2022 12:47 pm
Heh, that's pretty funny. I never thought of it like that. If they know what we owe, just tell us!
My take is, they should just send us our known taxes according to their data, and then we can submit any corrections such as charitable donations they don't know about. That makes way more sense to me.

And I don't think I'm asking anybody to do a bunch more work here. All of this would presumably run through some giant computer algorithm and require minimal human intervention. They ALREADY DO THIS work anyway to check / confirm the correctness of people's taxes! No additional work is being done here!

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Nodack
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Re: Taxes

Post by Nodack »

This is exactly what Republicans have been desperately trying to stop. You want to lower the debt? Start by paying your taxes.

IRS cracking down on 1,600 millionaires over back taxes
https://thehill.com/business/4193872-ir ... ack-taxes/
The IRS is launching an initiative to crack down on 1,600 millionaires and 75 large businesses it says owe hundreds of millions of dollars in back taxes, the agency announced Friday.
The program takes advantage of additional funding for the agency included in the Inflation Reduction Act, which added funding to hire and replace 87,000 employees.


The audit rates on people making less than $400,000 per year will not change.
“The years of underfunding that predated the Inflation Reduction Act led to the lowest audit rate of wealthy filers in our history,” IRS Commissioner Danny Werfel said in a statement. “I am committed to reversing this trend, making sure that new funding will mean more effective compliance efforts on the wealthy, while middle- and low-income filers will continue to see no change in historically low pre-IRA audit rates for years to come.”

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