Treasury Secretary Steven Mnuchin said the IRS 1040 form for taxes being released this week will be much smaller than the current form.
That simpler form is the result of changes to the tax code that cut taxes for some, while eliminating certain deductions.
The Journal reports:
The tax law enacted in December removed some breaks that previously took up space on the 1040, including the deduction for moving expenses. Other lines on the 1040 could be eliminated by moving them to separate forms or schedules.
For millions of taxpayers, a larger standard deduction will simplify tax filing because they won’t need to track charitable contributions and other itemized deductions. Other complex areas of the tax law, including the earned-income tax credit and tax breaks for education, were largely unchanged.
These changes are already in effect for tax year 2018, and taxpayers will submit their returns under the new system beginning in early 2019.
Even with a simpler form, change can be difficult to track. That’s one reason to consult experts such as those at Sterling Accounting when it comes to making sure you get your taxes right.
We stay up to date on tax laws and can provide innovative solutions to tax issues, find commonly overlooked deductions, and minimize liability.
Though tax season is behind us for this year, it’s always good to have a plan for the year. We offer advice on both short-term and long-term tax strategies, initiatives and investments. It’s a delicate balance that exists between optimizing your after-tax income and minimizing your pre-tax dollars.
Our services go beyond preparing taxes. Our top-notch talent professionals provide comprehensive business consulting and accounting services.