IRS and Tax Filing Issues
in Business, Accounting & Taxes ·
vitas;43127238 said:Generally, you pay a fee to use the card or the security token. Fidelity provides access to their e-services for filing annual financial statements and quarterly statistical reports; the DMV handles the submission of various regulatory forms. There is a significant amount of utility to be found within the Fidelity ecosystem. Other services—like those for tax filings, Social Security, or healthcare administration—are completely free once you have paid for that Fidelity card. Therefore, the card can be quite useful, and I believe it is worth the investment..]
You make a valid point; for some, owning one is a logical choice, or perhaps more accurately, an unavoidable necessity. However, for someone in my position, the math simply doesn't add up. I don't file annual financial statements or quarterly reports, nor do I submit any regulatory paperwork since I don't employ anyone. I have no need for the tax, Social Security, or healthcare portals either; my entire digital footprint is limited to sales tax filings and year-end reconciliations. If I had an accountant, they would handle all those filings for a modest fee, finding it far more economical to cover the monthly Fidelity service charge themselves since they manage dozens or even hundreds of small businesses at once, and
I am my own bookkeeper.
In an era where we are constantly forced to scrutinize every single expense to stay afloat, these kinds of mandates feel particularly heavy-handed when they serve no purpose. Honestly, I wouldn't be surprised if in a few years they decide we aren't allowed to walk into a bank to deposit cash anymore, and instead require us to pay Fidelity security guards to come right to our front doors to collect it.