It’s time to start thinking about next year’s taxes, and I’ve been getting lots of questions about the new tax laws. The Trump Administration promised a tax return that would fit on a postcard. The new Form 1040 for 2018 is indeed smaller, but is it simpler?
The answer for many is no. “The new form omits a variety of popular deductions, including those for student loan interest and teaching supplies, forcing taxpayers to search for them — and tally them up — on one of six accompanying worksheets,” writes Jim Tankersley of the New York Times.
You can take a look at a draft of the new form yourself on the IRS website. At 23 lines instead of 79, it may look promising, but if you plan to itemize deductions, prepare for pages upon pages of extra searching to find the correct box.
Anxious about filing the new tax return next year? You need the Taxman now more than ever. Contact me for help understanding how your taxes will be different – let us navigate the changes so you don’t have to.