Here’s the link to the article https://www.newsbreakapp.com/n/0teZWDeY?pd=0IEvjuAF&lang=en_US&s=i16&_f=app_share&send_time=1717441542
The irs has officially made their new free program to file taxes free for all states in 2025. should we buy puts for tax filing apps?
byu/Foggedwindows inwallstreetbets
Posted by Foggedwindows
35 Comments
Yes. YOLO and then use a tax filing app to file next year.
There’s like one that matters, and they are kinda diversified. I am too lazy to see how much of intuit revenue comes from turbotax
I used this to file my taxes this year. Overall a very straightforward portal.
Replies on Twitter tried to convince me this was bad, and I don’t understand why.
Based on my DD they will go bankrupt in the next 100 years so yeah I think buy leaps ?
What are the tickers?
Buy calls for cyber security firms likely to get a contract to mitigate/investigate the inevitable (possibly intentional) security breach? Then the tax filing apps will have customers who “value their privacy.” We can’t have nice things that support the general public and compete with the private sector now can we?
Which tickers?
Companies like Intuit are still gonna make money off state returns and more complicated filers
And there are also people who chooses to be pay for TurboTax and H&R because they think they can get more refund if they use the premium software 🤡
Rich people accountants are still going to need 3rd party software. It’s just the nature of their accounting.
Cool, next step just make filing taxes unnecessary for employees since the employers already send all the data to the IRS anyway.
Call me when the IRS fills out my return for me and I review/sign or appeal if needed
People still pay H&R to file taxes when they have just one or two W2(s), even though the program is free on H&Rs site. Fact is most people dont know how to file taxes, why would they start now. Puts is a bad idea imo
Screw turbo tax. Why am I paying you for something that should already be calculated?
Can you imagine if every time you buy something at the store you need to pay another service to make sure the sales tax is correct?
They make a problem and sell you the solution
I am just going to say .. INTUIT SUCKS
Puts on Intuit.
Puts on the newsbreak app
Bad idea, the amount of money put into marketing is unreal. Plus these companies have a captive audience that has used their services in the past, which makes it easier for them if they just come back.
A few people will avail themselves of this service, but it will be but a drop in the bucket compared to what a company like H&R or TurboTax brings in. They also offer many services like getting your tax refund instantly , for a fee of course, and multiple ways to get paid. these are services the govt wont offer.
The amount of people that have the knowhow to do self filing, likely already do so and dont use these large expensive prodivers, so I think the impact will be minimal.
It won’t be long until AI will be able to do all taxes. I can’t wait to have my Local AI take all my tax forms, cap gains, other income and produce tax documents that I can just upload.
Tax preppers are gonna get wrecked.
In all developed countries (and possibly others) online tax returns have been available for many years. Based on my europoor experience, such system works ok and I would not pay for a software.
Kinda priced in but not fully imo. INTU down $100 from last week and probably will go down a lot more in tax season when people realize you can do it for free on a government website
If you look at Intuit charts, it is already (you guessed it) PRICED IN
Been using FreeTaxUSA for a few years now, will more than likely check this out next year. TurboTax is a scam and I’ll be a happy man when it’s gone the way of the Doodoo bird.
Hopefully this leads to tax reporting reform (even indirectly by having the free program auto import all needed data) that tax filing companies have fought against forever.
The idea of makework projects for white collar bookkeepers and the software that replaced them is some straight up communist “pick rock up put rock down and repeat” level bullshit that contributes nothing to the economy in a meaningful way.
There is absolutely no reason why taxation isn’t nearly fully automated for most people at this point other than adding things you didn’t get issued a slip for and submitting information on your deductions.
[https://blogs.worldbank.org/en/developmenttalk/how-are-countries-making-it-easier-pay-taxes](https://blogs.worldbank.org/en/developmenttalk/how-are-countries-making-it-easier-pay-taxes)
Thank Christ we’ve begun to offer a basic service that most civilized countries provide. Short turbo tax just because they are assholes
Nah. I want someone advocating for me to provide the software. I’d rather pay Intuit than trust that the IRS has my best interests in mind.
I think tax filing apps are sticky
basically because everyone is paranoid of the IRS, they just use the thing that didnt result in them being threatened with prison
so I even though people don’t have to use Intuit, it relies more on new taxfilers using the free option
so 22 year olds no longer claimed as dependent basically
gonna be a while but I wouldnt buy CALLS per say
Who pays ??? There are so many free apps already
TurboTax deserves to die.
It is meant for 1040 EZ filers right?
Looks like some folks were way ahead of you. INTU has dropped from $670 to $560s within the last 2 weeks. HRB fell from $54 to a low near $48 before rebounding.
Better idea than intel lol
No, because people will still want someone else to punch in the same numbers on their W2s.
Why do we file taxes. The government already knows how much you make.
People are too regarded to understand how to use it so they will still rely on 3rd parties