WHERE’S THE BEEF??
When you get a first glimpse of the Form 1040 for 2018, this is the first question you might ask yourself. Where is the beef to the 1040 form?
Ever since Donald Trump’s 2016 presidential campaign, we have heard rumors of the 1040 reducing to the size of a postcard. On the face of the 1040 it may appear this is the case, but what has really happened is the IRS has taken certain sections of the 1040 and made them into supplemental schedules.
For example, on page 1, the section dealing with deductions to income such as educator expenses, IRA and HSA contributions, and student loan interest will now be schedule 1 to the 1040.
Other schedules will deal with sections that contained such items as non-refundable tax credits, certain taxes such as self-employment and uncollected social security, and tax payments such as estimates and amounts paid with an extension.
I hope this blog hasn’t made you too hungry, but the IRS tax code changes for 2018 will either leave you hungry for more or leave you not wanting another hamburger for a very long time.
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