Federal Tax Forms – Big Changes Coming!

Federal Tax Forms – Big Changes Coming!

Federal income tax forms have undergone a major overhaul for the 2018 tax year (filing April 2019).  For a start,1040As and 1040EZs are a thing of the past!  

Most taxpayers will use a single form: the revised 1040. The IRS will be issuing a single 1040 package, consisting of the new 1040 Form and 6 “schedules” (numbered 1-6) covering a variety of income adjustments, credits and other taxes that apply in some situations. The IRS calls this a “building block” approach. If yours is a straight-forward situation, you will only need to file the 1040 form. If your return is more complicated — you claim certain deductions or credits or owe additional taxes — you will need to complete one or more of the new 1040 Schedules.

As usual, we will monitor the situation closely, and obtain as much instructional information as possible.

Please Note:  

  • In past years, paper forms have arrived in mid-February, but are usually available online sooner.  
  • Individuals who filed their federal tax return electronically last year may not notice any changes, as the tax preparation software will automatically use your answers to the questions to complete the Form 1040 and any needed schedules.
  • We cannot offer tax advice, but we will have referral information.
  • Detailed information available at www.irs.gov

 

******  FOR A HANDS-ON INTRODUCTION TO THE NEW TAX LAWS, WATCH FOR OUR SPECIAL PROGRAM IN MARCH  *****

MORE INFORMATION COMING SOON