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On the Media

Its Tax Time!

On the Media

WNYC Studios

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4.68.7K Ratings

🗓️ 10 February 2021

⏱️ 16 minutes

🧾️ Download transcript

Summary

Tax Time!

Transcript

Click on a timestamp to play from that location

0:00.0

Every year around this time, i.e. tax time, messages pop up in our Twitter feed referring to a story we did a few years back about tax filing.

0:10.4

It's become something of a PSA. Why? Because filing taxes is a fraught business.

0:17.8

Thank goodness there are companies like, say, H&R Block who can step in and simplify it for us.

0:25.1

Your life is busy, growing. We might say it has layers. That means tax complexity. We get it,

0:33.8

and we're on it. They do get how complex the tax system is because their business model is based on it staying

0:41.5

that way.

0:42.3

CNN's Jessica Hussman says that when tax prep companies aren't helping you through our

0:47.7

overwhelming tax system, firms like Intuit, which makes TurboTax spends heaps of cash to ensure that it stays sufficiently

0:56.8

overwhelming. Last year, Intuit spent almost $2.5 million lobbying. The H&R Block spent more

1:03.1

than $3 million, and they're also spending money giving direct donations. So what is it like

1:08.8

doing taxes right now? I'll just tell you how I do my taxes,

1:13.2

and maybe that will be representative because I don't think that I'm very good at it. So I keep

1:18.3

all of my documents in a pink shoe box, and I stuff them in there all year long. A couple of weeks

1:24.5

before April 15th, I sign up for one of these paid tax services, and I

1:31.2

meticulously go through all of my returns from the company that I work for, from any

1:38.1

freelance work that I might have done, and I take all of the receipts that I've also saved,

1:43.5

I spread them all out over the floor, and I add those up, and I try all of the receipts that I've also saved, I spread them all out over the floor,

1:45.7

and I add those up, and I try to figure out which box I should type these numbers into.

1:51.7

And it takes hours, and in the entire time, I have this sick feeling in my stomach that I've lost a return,

1:58.2

or maybe I'm being too generous with how much I've spent on my business

2:02.0

all year long, and then I hit send and hope for the best. It could be so much easier than that.

2:09.0

How could it be better? Well, you know, think about all the things the IRS already knows about

...

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