Loaded with land mines
It’s April 15 — one of the most recognizable, and often dreaded, days in the U.S. Probably as recognizable as July 4, but more akin to December 7 for many. It's the deadline for filing federal income tax returns.
According to a recent unscientific poll on thefabricator.com, 47 percent of poll takers expect to write Uncle Sam a check today, 41 percent expect a refund, and 12 percent aren’t filing. This year more of the 88 percent who are filing are preparing their own returns using programs like TurboTax, and fewer are turning to firms like H&R Block and Jackson Hewitt. I read about this trend in yesterday's USA Today, and since I've been completing my own returns for a decade — after finding costly mistakes in a $400-plus CPA-prepared return — the news didn't surprise me.
The article cited three main reasons taxpayers prepare their own returns: they ant to save money; they've become accustomed to managing other finances online; and they don't trust tax preparers.
The National Association of Accountants reports that the average cost of hiring a professional to prepare a federal and state tax return with no itemized deductions is $129; the average cost for an itemized federal and state return is $229. Prices for tax software range from less than $20 to $70, and filers with 2009 adjusted gross income of $57,000 or less can prepare and e-file their returns for free through IRS Free File.
Naturally, there's a debate as to whether it's wiser — more fiscally and judiciously sound — to prepare your own taxes or pay a professional. Professional tax preparers say you might miss deductions in the complicated tax code or make mistakes that could lead to penalties down the road if you prepare your return on your own. As noted in USA Today, tax professionals say "the tax code is so complex that even seemingly straightforward returns are loaded with land mines."
"Loaded with land mines." That phrase doesn't sit well with me. Why should a government of, by, and for the people load its tax code with potential land mines that make it necessary for its people to hire a professional to navigate their returns lest they harm themselves? What a sad situation.
Quoted in the USA Today article, Kenny Stewart, Clermont, Fla., who has been preparing his own tax return since 1972, said, "I just think people should be able to do their own taxes. It helps you understand where your money really is going."
Oh, Kenny … if only this were so. My husband and I do our own taxes, and I still have no idea where the money is going. I have a not-so-sneaking suspicion that some of it pays the salaries of those who write the tax codes loaded with land mines. Ugh.
Follow fabcomlady on Twitter.
Become a fan of The Fabricator on Facebook.
According to a recent unscientific poll on thefabricator.com, 47 percent of poll takers expect to write Uncle Sam a check today, 41 percent expect a refund, and 12 percent aren’t filing. This year more of the 88 percent who are filing are preparing their own returns using programs like TurboTax, and fewer are turning to firms like H&R Block and Jackson Hewitt. I read about this trend in yesterday's USA Today, and since I've been completing my own returns for a decade — after finding costly mistakes in a $400-plus CPA-prepared return — the news didn't surprise me.
The article cited three main reasons taxpayers prepare their own returns: they ant to save money; they've become accustomed to managing other finances online; and they don't trust tax preparers.
The National Association of Accountants reports that the average cost of hiring a professional to prepare a federal and state tax return with no itemized deductions is $129; the average cost for an itemized federal and state return is $229. Prices for tax software range from less than $20 to $70, and filers with 2009 adjusted gross income of $57,000 or less can prepare and e-file their returns for free through IRS Free File.
Naturally, there's a debate as to whether it's wiser — more fiscally and judiciously sound — to prepare your own taxes or pay a professional. Professional tax preparers say you might miss deductions in the complicated tax code or make mistakes that could lead to penalties down the road if you prepare your return on your own. As noted in USA Today, tax professionals say "the tax code is so complex that even seemingly straightforward returns are loaded with land mines."
"Loaded with land mines." That phrase doesn't sit well with me. Why should a government of, by, and for the people load its tax code with potential land mines that make it necessary for its people to hire a professional to navigate their returns lest they harm themselves? What a sad situation.
Quoted in the USA Today article, Kenny Stewart, Clermont, Fla., who has been preparing his own tax return since 1972, said, "I just think people should be able to do their own taxes. It helps you understand where your money really is going."
Oh, Kenny … if only this were so. My husband and I do our own taxes, and I still have no idea where the money is going. I have a not-so-sneaking suspicion that some of it pays the salaries of those who write the tax codes loaded with land mines. Ugh.
Follow fabcomlady on Twitter.
Become a fan of The Fabricator on Facebook.
subscribe now
The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
start your free subscriptionAbout the Author
About the Publication
- Stay connected from anywhere
Easily access valuable industry resources now with full access to the digital edition of The Fabricator.
Easily access valuable industry resources now with full access to the digital edition of The Welder.
Easily access valuable industry resources now with full access to the digital edition of The Tube and Pipe Journal.
Easily access valuable industry resources now with full access to the digital edition of The Fabricator en Español.
- Podcasting
In this episode of The Fabricator Podcast, Caleb Chamberlain, co-founder and CEO of OSH Cut, discusses his company’s...
