American Taxpayers Are All for Real Tax Reform
Taxes, taxes, taxes. One thing is for sure you can’t run and hide from them. While most Americans pay their taxes, some more begrudgingly than others, most taxpayers wish they could pay less. What’s more, most taxpayers would also love to see some real change in the tax system instead of the constant back-and-forth rhetoric that continuously takes place between political candidates and lawmakers.
In fact, according to a recent survey from WalletHub the majority of Americans really just want to see some true reform when it comes to the nation’s tax code. According to the survey more than 75 percent of those who participated felt that the current tax code was either complex or extremely complex. By way of comparison, only 5.5 percent said that the tax code is simple or very simple.
The findings also suggested that there was a correlation between the age of the respondents and how complex they feel the tax code is. Specifically, the older the respondent the more complex he or she feels the tax code is. So what makes the tax code seem so complex? According to respondents one of the chief culprits is the amount of deductions available in the tax code. The majority of the participants preferred a tax code with fewer deductions.
There are many aspects to taxes and no doubt for the average taxpayer a much simpler code would be preferable. In any case, when it comes to high net worth taxpayers the tax code can be even more complicated. That’s why it’s a good idea to let GROCO take care of your taxes for you. Click here to contact us.
Qualified Small Business Stock: An Opportunity for Investors
Qualified Small Business Stock: An Opportunity for Investors Updated: 11/16/10 Aiming to give a boost to developing small businesses, Congress granted an unusual tax break, allowing taxpayers who buy newly issued shares of qualified small business stock (QSBS) and hold it for five years to exclude from taxation half of their capital gain realized on…
Are You Still Waiting For Your Tax Refund?
Does it feel like this year is just flying by? The Calendar on your wall is right. The year is almost half over already. Where did all that time go? More importantly, where the heck is your tax return? It’s one thing to still be waiting for your return if you waited to file it…
IRS Amended Return
Source: IRS.gov Posted: 4/23/2013 What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filing an amended tax return. This year you can use the new IRS tool, ‘Where’s My Amended Return?’ to easily track the status of…
How to Fix Errors Made on Your Tax Return
If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return: When to amend a return. Generally, you should file an amended return if your filing status, number of dependents, total income,…