Because of the Tax Cuts and Jobs Act (TCJA), it is believed that more taxpayers will be embolden up to 90% of taxpayers, by some estimates—to prepare their own tax returns for 2018.

With the simplification of the Form 1040, it is believed that more people will use the standard deduction and services like Quicken and TurboTax; thus retaining all legal and financial liability for their tax preparation errors.

The new 1040 is a modification of the 1040-EZ, the first page has your personal information for you, your spouse and dependents.  Then the sign-offs.

The second page or page side has your income sources and totals for the schedules that now need to be filed.

Schedule 1 is for interest, dividend, and pension and Social Security income.

Schedule A is for the determination of itemized or standard deductions.

Schedule 2 is for your tax calculation

Schedule 3 is for child dependency credits

Schedule 4 is for other taxes owed

Schedule 5 is for any refundable credits

Remember this is for the new simplified 1040.  If you own a business, you will still need to file Schedule E for K-1 information.  If you are a Sole Proprietor you will still need to fill out a Schedule C.  If you have rental properties you will still need page one of Schedule E.

I personally do not believe the changes simply the filing process, I think they have complicated it further.

 

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