Certified Public Accountant turned fintech engineer. I used to build financial tools & technology for a credit card company whose product you may have in your wallet. Now, I build credit infrastructure at Nova Credit.
I’m building a blackjack card counting tool for people to learn how to count and how to identify games that are winnable. It is designed to take a completely novice to an advanced, winning card counter, using a Duolingo like approach - mastery based learning across sequential modules. Minus the ads and dark patterns.
This is the proper approach when deciding whether to use any type of tool or technology. Is the increased amount of cognitive overhead for someone with minimal exposure to your system (who will have to maintain it when you’ve moved on) worth the increased performance on a dollars-per-hour basis? If so, it may be a good option. If not, it doesn’t matter how much better the relative performance is.
1. If the government is in charge of deciding the tax policy and collecting the taxes, it creates a potential conflict of interest if they are also in charge of telling you how much you owe. In theory, they could charge you more than they're legally allowed to, but how would you know unless you (or someone else) also calculated your taxes? A common suggestion to this is to have the government give a return that shows what they _think_ is owed, but this creates a conflict if the government accidentally underbills you, since you're not likely to correct the mistake. In order to ensure compliance on both sides, both the government and individual need to prepare the tax return. Otherwise, one party risks being overcharged/underpaid.
2. Tax evasion is an effective law enforcement tool for catching criminals, so by putting the burden on the individual to report taxes, you add another tool in the law enforcement toolkit. From the state's perspective, it is more compelling to tell a jury "this person owed $5 but only paid $1" than "this person owed $5, but only paid $1 because we told them they only owed $1." Tax evasion is how famous gangsters like Al Capone and other shady-characters have historically been caught[0]
The tax prep industry is lucrative largely because of lobbying and consumer ignorance. There are plenty of free-file options for folks below certain income thresholds, as well as non-profits who will do your taxes for free. There are also lots of free tax-prep sites, but they are being drowned out by the advertising and lobbying of the for-profit tax-prep industry.
To add my own 2-cents: if your income comes from investments, 1099, or W2, you likely can do your own taxes in about an hour. I personally use TaxHawk [1] since it's free for federal and $16 per state return, and has the same kind of interface as turbotax and the like. If you want to save on that $16, you could use TaxSlayer [2] instead -- I've used all of them, and personally prefer TaxHawk. Just remember to decline any of the upselling they do just before you submit your refund. You probably don't need the premium service, a dedicated tax pro, nor audit protection.
I’m building a tool to automatically move deposits into new bank accounts with better rates and fees. It will operate continuously, so I never have to search for the “best” bank account — I’ll always have it. Think wealthfront for checking and savings.