I finished my taxes last night. I am now ready to sign my name, write a check for $170, affix a stamp and toss everything into the mail. The only possible reason I like doing my taxes is the software I use to help me.
Like most people, I’ve been using Turbo Tax for many years and each year, they make the process easier and easier. Turbo Tax asks the right questions, prods me along the way if I make a mistake, and guides me into utilizing tax deductions I never would have thought of.
Of course, my life is rather financially simple at the moment. However, dealing with IRA withdrawals, reasonable University of Iowa tuition expenses, and scholarships should be handled by those that know what they are doing. I don’t. That’s why I use tax software.
There’s no way I could possibly determine what to deduct from what and when and where. I’m not that bright. I’m still under the impression that this should be a straight tax, instead of the graduated system we have now. I’ve heard that a straight tax would be difficult on lower-income people. However, I am a low-income wage-earner and I still think that a straight tax is the way to go.
Of course, it wouldn’t work if we were to immediately switch gears. But, if the concept was phased-in over a period of 10 to 20 years, I think the economy would chug-along just fine. Lower-income people wouldn’t be caught in the cross-fire. Now, we still wouldn’t be able to track cash transactions, but we can’t catch those now, so that’s not an issue. It puts everyone on an even keel and levels the financial landscape.
What do I know? I’m just a computer engineering student.