I knew doing my own taxes again would be a pain after years of outsourcing the annual headache to accountants. What I didn’t realize was how much worse new financial technology like cryptocurrency and peer-to-peer lending would make the job.My half century of life has been a series of excursions into US tax code territory previously unknown to me — home interest mortgage deduction, married filing jointly, child tax credit. For years, I calculated taxes for myself and then my family started using Intuit’s TurboTax. Even if the territory was unknown to me, I was still walking well-trodden paths.This year, though, I entered the here-be-dragons part of the map.I made it back alive, thanks to dozens of internet searches, forum posts, supplementary information PDFs and $50 I paid to a service that understands cryptocurrency math. I even read the actual law behind the US tax code to try to comprehend one point.I’m hardly at the bleeding edge of finance. But the weekend I lost to America’s annual accounting ordeal shows how badly the tax establishment is keeping pace with new ideas.New tax territoryWe lived in the UK and France for a few years, and the three-country complications meant we relied on professionals to… Read full this story
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