How The New IRS Tax Form Impacts You
In short, unless you previously filed your own taxes using the old 1040-EZ or 1040-A form, the new IRS "postcard-sized" version of the 1040 tax return form likely won't impact you. The form is indeed smaller, but filing is no simpler, as we discuss below.
The current administration has come out with a new version of the 1040 tax return in order to deliver on its promise for the smaller tax return form. The first draft of the new 1040 tax form reduces the previous version from two full pages, to a new double-sided half page.
However, the complexities remain. In fact, these changes may completely rewrite the full tax form completion process, even changing names of forms used for many years.
For those who claim many popular deductions outside of these two 1040 pages, the new form does nothing to simplify, as many accompanying worksheets and calculations will still be needed to include that supplementary information.
Rest assured, we're constantly staying up on the changes and making adjustments to our checklist & worksheets for clients. In fact, we've already made modifications to reflect tax reform changes!
Feel free to contact us if you have questions regarding the new tax form, 2018 tax reform, or any other tax-related questions...we're happy to help!