Tax Time!

Good Morning,

The end of January is quickly approaching, which the means tax season is upon us. Everyone hasn’t their own method of filing their taxes, but the new 1040 form is now the size of a postcard. Marketwatch came out with an article highlighting this change and other sources. The key points from the article are:

1. Despite it being smaller, it isn’t more different than simplistic

2. You need to file schedules if you are: itemizing, have business activities, capital gains/losses or dividend/interest income associated with investments, etc.

3. The due date for most taxpayers is 4/15

When the new tax laws were put in place the goal was to simplify the tax code and allow more people to use the standard deduction. What most of us will find out is that with a change to the tax code the size of our refunds/payments will change based on the taxable percentages changing.   The simplification of the tax code might change the need for a tax preparer, but before making that change it isn’t best to read this article and make an assessment based on your situation.

https://www.marketwatch.com/story/how-the-postcard-sized-form-1040-could-simplify-your-life-and-save-you-money-on-tax-prep-2019-01-15

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