Making Finances Simple. Changing Lives.
The 2018 tax year was challenging for taxpayers and tax preparers, alike. It brought about a whole new look to the long-standing 1040 tax return form, cutting down the forms, but adding 6 new schedules in the process. Now, the IRS is looking to make another massive change. How does this affect you?
The 2018 tax reform changes brought about many issues with the new tax form. For one, the signature page wasn’t even in the same section as the income that was being reported!! Also, the goal to shorten the tax return into “postcard” size, actually just added 6 more pages.
Luckily, the IRS recognized the shortcomings with these tax return form changes. As a result, more massive changes are coming. It’s anticipated the 6 additional schedules will be consolidated into 3, with other information moving around from last year’s 1040.
What does this mean to you?
Quite frankly, not much. It more directly affects your tax preparer!! Rest assured, we’re constantly keeping up with the myriad of changes. Simply continue providing us with your tax information as usual, and we’ll figure out the new changes! It seems the IRS, while intending to make things simpler for taxpayers, has only made things more challenging. But we’re up to the task!
We’ll be sure to keep you updated with any changes that directly affect you. Contact us any time with questions…we’re here to help!