this post was submitted on 30 May 2024
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Free if you have no other exemptions to file.
1099? Nope Depreciation? Nope Tax credits? Nope
Makes for a great headline though.
Im sure those of us that do have exemptions other than the standard will see our tax prep fees skyrocket
Competition does NOT make prices go up, lol.
Well, the point was that it isn't competition in his scenario. I hope the exclusion of 1099 is temporary, because I had a 1099 for like a few dollars because I had a savings account that technically accrued interest, so as it stands that makes me ineligible. So his concern would be that because the tax prep services are competing against 'free' for that tier, that they'll ramp up prices for the rest to compensate for loss of income.
Given that savings accounts are at 1% interest or so, that's only a thousand dollars in a savings account.
Good savings accounts are above 4% these days. Wealthfront is 5%, Synchrony is 4.75%, Marcus (Goldman Sachs) is 4.4%, Amex, Discover, Capital One, Ally, are 4.25%