This is nearly how it works in Canada. I grant access from my accounting software to my Canada revenue agency account and pretty much just verify it’s correct and fill in some of the non registered investment stuff which happens to be mostly with the institution whose software I use anyways.
The software is free. It even checks my wifes to optimize the returns.
How does that work for businesses and investments? In the UK I don’t have to do anything for taxes with my job, but if the investments in a rental property, or something like that, are over £4000 I have to do the forms.
They give you something to sign. For the majority of people, they just say “Yeah, sounds about right” and they confirm it.
For people with added complexities, they’ll do what they already currently do and add in the details you’re talking about. It’s literally win-win all around except for the tax soft company CEOs.
This is awesome! Now the IRS just needs to send me my already completed taxes that I just verify, sign, and return, like they do in Sweden.
But… why doesn’t anyone think of the millionaires :(
If they are missing something, is it easy to ammend what they send, or do you gotta start from scratch and you can only use that as a reference?
There is no ‘scratch’, you login and practically everything is filled out. If you want to change or add something, you can do so.
Sounds awesome. Wish we had that.
Yep, it’s all a bunch of forms and you can edit the info that is prefilled.
There’s a rare few forms which still need to be sent in on paper, but most can be sent in digital form.
This is nearly how it works in Canada. I grant access from my accounting software to my Canada revenue agency account and pretty much just verify it’s correct and fill in some of the non registered investment stuff which happens to be mostly with the institution whose software I use anyways.
The software is free. It even checks my wifes to optimize the returns.
What do your wives do to be an object of interest for a tax agency?
Big only fans following.
How does that work for businesses and investments? In the UK I don’t have to do anything for taxes with my job, but if the investments in a rental property, or something like that, are over £4000 I have to do the forms.
They give you something to sign. For the majority of people, they just say “Yeah, sounds about right” and they confirm it.
For people with added complexities, they’ll do what they already currently do and add in the details you’re talking about. It’s literally win-win all around except for the tax soft company CEOs.
There’s tax preparation software companies here in Sweden too but almost only businesses use them because most individuals don’t need it.