As the year comes to a close, and we think about the new beginning that is coming, we often have questions about what we will be doing for the next few years. We ask ourselves such questions as, “what will I be doing for my business or home?” or “what will I do for my finances in the coming year?” We often have to think about such things, but we don’t have to do it alone.
The best way to think about all this is to imagine our future selves, not as the people we are now, but as the people we will become in the future. People who will be on your staff, people with whom you will have business transactions, and people with whom you will not have any transactions whatsoever.
In terms of finances, I will probably have a small business that I own and a family business that I will share with my wife and kids (or vice versa). I will probably have a life insurance policy, a 401k, a Roth IRA, a 529 plan, a retirement plan, and a savings account. I will probably have kids and a lot of stuff that I will be paying for in the future.
I’m not going to say that this list is exhaustive, but it’s a start. The idea is that Turbo Tax is going to be like the IRS itself. You can think of it as the people behind Turbo Tax are just like the IRS.
For example, they’re going to be like the IRS, but instead of going out and trying to figure out whether you have more money in the bank, they’re going to be like the IRS, but instead of sending out e-mails asking for their quarterly tax payments, they’re going to be like the IRS, but instead of mailing you a check or a letter, they’re going to send you a Turbo tax letter.
It sounds like there are some interesting things going to happen in this game for no other reason than it sounds like a game. I can’t wait to see what’s coming. The new design that I’m particularly excited about is the ability to create your own taxes. If you’ve ever made your own taxes from scratch, then you know its a pretty tedious process.
The Turbo Tax letter they’re sending you is a sort of mini-tax return. It’s like one long letter that includes everything you need to file tax returns for your business and your home. With the Turbo Tax, you can enter a date and a number (which is always the same), and you’ll be emailed with a PDF of all your personal, business, and personal income and deductions.
It’s like if I got a tax return from my bank and I was asked to give an update on my account.
Turbo tax is very similar to the American tax system as a whole, but Turbo tax is much more complex, and has a lot more loopholes. The main difference is that Turbo tax requires that you first pay your state taxes. A lot of states have an automatic tax deduction that youll get for your home state of residence, so if you make a lot of money in your home state, you may not even have to pay any state tax.
Turbo tax is one of those things that I have a hard time wrapping my mind around. It sounds like a lot of work for a tax reduction, and it makes my head hurt because it’s so complicated. I’m not sure if I can do it myself, but I’m sure I’ll need the guidance of a tax preparer before I complete the Turbo tax process.