Should the IRS File Your Taxes for You?
Imagine a world where you didn’t have to file your own taxes. Of course, you can use an experienced and professional tax and accounting firm like GROCO to do your taxes for you, but what if you didn’t even have to send your tax return information to an accountant? Could that ever really happen? In reality, probably not, but that isn’t stopping one U.S. senator from at least proposing the idea.
Democratic senator, Elizabeth Warren, from Massachusetts, has introduced the tax Filing Simplification Act of 2016. The senator hopes to “simplify and decrease the cost of the tax filing process for millions of American taxpayers.” Her proposal would actually force the IRS to come up with a preparation and filing service that all taxpayers could use for free to directly file their taxes with the government.
The service would require the IRS to fill in all the necessary information, which would come from W-2s and 1099s, which the agency already receives. Each taxpayer would then be responsible to make sure the information was correct. Some taxpayers that have very basic tax situations might not even have to file a return at all.
So what is the likelihood of this ever passing? Chances are the bill will not go anywhere, as Congress has always been reluctant to making these kinds of changes in the past. So while this might not ever become a reality, your tax accounting and tax preparation can still be stress-free. Just contact GROCO for help by clicking here or by calling 1-877-CPA-2006.
How to be a “Tax-Conscious” Investor
How to be a “Tax-Conscious” Investor “Uncle Sam wants you!” goes the slogan on that old poster. He also wants you to pay taxes. On the income from your employment. On what you earn from many of your investments. On a portion of the gain from the sale of those investments. But there is a…
President Going After the Wealthy Again With Proposed Tax Hikes
President Going After the Wealthy Again With Proposed Tax Hikes By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP The divide between Republicans and Democrats on Capitol Hill appears to be spreading even wider after President Obama used his State of the Union Address to take dead aim at high…
Top 10 Critical Mistakes Homebuyers Make and How to Avoid Them
[vc_row][vc_column][vc_column_text]1. Using an out-of-town lender. Getting a mortgage in a timely and hassle-free manner is the “key that opens the door” to your new home. Lenders who don’t live in the area you are buying in will not have the contacts needed to process your loan in an efficient and timely manner. Are you aware that…
Depreciation and Section 179 Expense Updates
Depreciation and Section 179 Expense Updates 2007 Changes Increased section 179 limits. The maximum section 179 deduction you can elect for qualified section 179 property placed in service in 2007 has increased to $125,000 ($160,000 for qualified enterprise zone and qualified renewal community property). This limit is reduced by the amount by which the cost of…