On a somewhat similar note, more companies have started to recall their workers back to the office. Further, the more investors personally benefit from their crypto endeavors, the greater the incentive to process taxes correctly.īeing rich doesn’t mean much if you land in prison. Indeed, the very issue of what constitutes a cryptocurrency (as opposed to a publicly traded security) has become a major legal battle. However, understanding the nuances of crypto tax reporting can trip up any investor. Sure enough, with millions of white-collar workers stuck at home during the pandemic while collecting both paychecks and stimulus checks, participation in blockchain-derived assets surged. At any moment, various coins and tokens may soar, potentially yielding life-changing returns. Regarding the former point, cryptos primarily skyrocketed (particularly in 2021) because of their underlying mobility in the charts. Two factors that should catalyze broader upside for INTU stock immediately come to mind: the cryptocurrency revolution and burgeoning interest in the gig economy. Cryptos and the Gig Economy Should Bolster INTU Stock With workplace trends changing dramatically since the COVID-19 pandemic, INTU stock should actually become more relevant. Where Intuit really earns its keep is in the area of much more complex returns, such as Form 1099 for independent contractors. Generally speaking, anyone with basic cognitive abilities can fill out these forms as employers report wages to the IRS. Typically, these individuals work as employees, thus filing Form W-2. Tax data research shows that free tax prep programs are available to 70% of the population, that is, people with incomes below $69,000. While fewer taxpayers may log on to Intuit’s website in favor of the new IRS option, such folks aren’t exactly the software specialist’s key consumer demographic. Nevertheless, as the adage states, there’s no such thing as a free lunch. Effectively, the government appears to undercut a lucrative business service with the best price possible: free. However, by offering a direct e-file system, the IRS theoretically eases the cost and time burdens on taxpayers. Select the Kentucky income tax forms and schedules that you needMore critically, CBS News pointed out that Americans spend more than $11 billion to tax-prep enterprises, accountants, and other tax professionals.KY File, a new way to file your current year return free of charge. *You must complete your federal forms before accessing KY File. If you're not comfortable with this method, you may want to consider choosing the traditional free file program if you qualify. KY File is the tool for you if you're comfortable filling out the forms and schedules without software help or assistance. Just like completing a paper return, you are responsible for the input of most of the information on the return. It performs only basic calculations and doesn't provide extensive error checking. Unlike most tax software, it doesn't ask about or explain tax situations. KY File is designed to be the simple, online version of paper forms.
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