Traverse City MI - Recently, the IRS released a draft of the new IRS 1040 Form - A sleek, simplified tax form the size of an average postcard. The new draft may seem a bit confusing as it is significantly different from the previous one. So to help taxpayers across the country get a better understanding of the new IRS form 1040, the American Tax Service has revealed five important things all Americans should know about the new IRS Form 1040.
The American Tax Service reveals that the first and most conspicuous change with the new IRS 1040 Form is the size. The new Form 1040 is about half the size of the old form as it contains just 23 lines, a sharp reduction from the 79 lines contained in the previous form. To compensate for all the content that has been cut-off, the IRS has added 6 more schedules alongside the already existing schedules. While some aspects of the old form were moved into these new schedules, other aspects like the Deductions for alimony and a few others were completely removed.
The Form 1040-EZ and Form 1040-A will no longer exist and every taxpayer will now have to use the Form 1040. All relevant identifying information will be filled on the front side of the card while all tax calculations will be performed on the backside. Taxpayers with more complex tax affairs will require the relevant schedules to be attached to the form. Also, worthy of note is that the new schedules are now numbered, rather than lettered.
Finally, the American Tax Service sums it up with the opinion that the Average American taxpayer might find the new form simpler to use but Americans who have more complex tax affairs might tend to find it a lot more confusing. As a result, the tax blog recommends that all taxpayers file their taxes online with the H&R Block. The H&R Block is up to date with tax reform calculator, the latest IRS tax forms, including the new tax deductions and credits.
To find out more about the New IRS 1040 Form and how you can get a 35% discount filing your taxes online with the H&R Block, please visit, https://americantaxservice.org/what-is-the-new-irs-1040-form/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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