The New 1040 Income Tax Form
The IRS released the new 2018 1040 tax form. While it is more intricate than the simple post card we expected.
Preparing to File Your 1040 Taxes
Now that it is just a few days from 2019, you may want to start getting ready for filing. The new form will give you a glimpse of what you will need to file.
A Shorter, More Complicated Form
While the new form is shorter, it is not what we expected. It will require the certain tax payers to complete extra forms in order to complete the 1040, particularly if you have particular kinds of income or deductions.
You won’t be able to use last year’s tax return for guidance in preparing this year’s tax return. You will find the new form and the new tax law consusing.
Changes to Deductions
As we have explained previously you will no longer be able to deduct everything you have previously but there is a higher standardized deduction in its place. You may have to complete several forms in order to complete your 1040 if you are planning to take deductions. This does not include self-employment forms or other unusual circumstances. What you will find is a smaller, more complicated form.
What you can deduct for state taxes has been capped. You may find yourself owing more taxes than usual with this deduction limit.
This year we recommend paying the extra money and bringing your taxes to a CPA or Enrolled Agent to avoid missing a deduction or underpayment. The new tax law is complicated and you really need the extra help.
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