Monday, March 1, 2010

Taxes, Returns and Deductions - Income Tax Reform Needed

So I just filed my 2009 income taxes. I did it myself online with one of the free services through the IRS. Overall it went pretty smooth but I didn't get back as much as I would have liked. I ended up owing the state a little which is annoying.

One of my main points to address in this article is how I think the tax system really needs to be changed. I understand income tax. But what I don't like is all these hundreds of tax deductions. It makes the system very complicated and leaves a lot of room for error. I don't understand why they have tax deductions in the 1st place.

There needs to be a better way to keep track of people's income and the taxes that are deducted from it. I don't see why they are leaving it up to individuals to report it. That is not good enough. I think it should be deducted and reported by the employer. But what about people that make their own money and have their own business? I guess they have to report their own.

Going through the filing process I just think there are way to many options and steps to consider when filing your taxes. It needs to be much more streamlined and accurate. It should just be, how much did you make and how much do you owe, simple as that. Maybe I don't know enough about the topic of taxes, but those are just some of my thoughts.

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