Looking for a tax break? You'll need a trained guide
Article Abstract:
Federal tax law has become so complex that the IRS estimates that it takes an average tax filer six hours and 22 minutes to fill out an ordinary 1040 form. This is two hours and 45 minutes longer than it took in 1992. If forms for itemized deductions, interest, dividends or stock sales are included and the activities of record keeping and filing are added, then many ordinary taxpayers will spend almost one extra day doing their taxes in 2000, compared to 1992. It is argued that the increasing complexity of tax forms is causing taxpayers to miss out on tax credits. Tax cuts are producing a tax code so complicated that only accountants would benefit.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Tax code is simple enough
Article Abstract:
Taxes are relatively simple for 70% of the US population who do not itemize deductions and for more than 80% of people who do not have to worry about reporting capital gains or losses. Fewer than 1% of Americans have to struggle with the alternative minimum tax. Professional specialists exist to handle the most complicated part of the tax code, which are business depreciation allowances. If there was more openness by the public to the use of federal spending rather than tax cuts, and less worrying about cutting projected, considerable federal budget surpluses, then tax simplification would be facilitated.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Little-known twin of sales tax surfaces
Article Abstract:
Consumers who have purchased items abroad or in other states are subjected to a little-known tax called use taxes. Use taxes are considered a counterpart of sales taxes. They are collected on goods bought outside a state but are used within the state. While use taxes are often not imposed due to the difficulty of tracking items purchased out of state, they are exacted on out-of-state purchases that are documented.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
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