Quick: when you hear “1040 Form,” what do you think of?
Taxes, yes, IRS, yes, April 15th, yes - but anything else?
Dollars? Yes, you’re getting warmer….
More specifically, “money” just as “investment,” as in “stock market.” As in companies like H&R Block (HRB) and Jackson-Hewlitt (JTX).
State the IRS 1040 Tax Form and if you think very hard or very long enough, you’ll eventually give thought to the tax preparation industry. So, think about it? Well, how about the fact that it’s an excellent line of enterprise to invest your money in? In fact, there’s a captive audience involved, and though profits are seasonal it’s guaranteed every year since almost everyone has to file a return!
A true winner, right?
Not really. Not anymore.
Like just about everything else in our world, computers have modified things considerably.
Tax preparation software persists to be popular, and its use is even developing now that web-based services are present which require no installation procedures on one’s computer. In fact, many of these web-based services are oftentimes free - that’s right, free!
It’s not because the companies providing them are doing it out of any altruistic impulses, needless to say. The truth is, far from it. For the IRS was about to take advantage of modern technology - finally - and offer online tax preparation and filing to all for free, but the industry lobbied heavily vs the idea. It would, after all, put them out of business. And while jobs are important, so is serving the public good. And although jobs definitely fall within the description of a public good, so is making government more accessible.
So, where to start?
A steal was brokered which lead to online tax preparation software being free for those making less than twenty-five thousand dollars a year roughly. In exchange, the government agreed to not offer their own free preparation and filing service at the IRS website!
Now back to stocks.
Having stored fee-based online preparation and filing services, the companies offering them are in position to continue making money - without a doubt, to keep on increasing their income as progressively more people log onto the web to do their taxes. This puts those running brick-and-mortar operations, such as H&R Block and Jackson-Hewlitt, on the same road the dinosaurs found themselves, the fast track to extinction.
So, what to do?
The writing’s on the wall. It’s only a matter of time just before hardly anyone will do tax preparation and filing offline! The fact that some of these forms are entirely ridiculous and a waste of time, let alone money which is also equally as important, but you will find counter forms to retaliate against time- wasting forms which virtually do totally nothing with no increases whatsoever, that is, depending on what the cause may be. Makes sense right? Well in a nutshell let’s just say now they have much more proper forms which are appropriate and accounts directly to the cause of the form rather than a general form which follows up an appointment to describe to the guy or woman what the actual reason is in filling up that form…maybe more. Makes more sense now doesn’t it?
Article by Paul Wise. When it comes to the 1040 form, Paul recommends 1040-form.net for great advice on the IRS 1040 Tax Form for you.
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