Tax deduction changes in the Tax Cuts and Jobs Act affect almost every person who files itemized deductions on tax returns with the IRS in prior years. One favorable change is that tax reform is nearly twice the standard deduction for most taxpayers. This means that many individuals may prefer to take the standard deduction. This standard deduction makes tax filing more simple. However, some taxpayers will still itemize their total deductions when these deductions exceed the standard deduction amount for the taxpayers filing status.
Tax Changes
Proposed New IRS Tax Form 1040 Breakdown
Remember that New IRS Tax Form 1040 Postcard? Hmmm, I seem to remember a promise about a new IRS tax form. Do you? The logic was that on the new IRS Tax Form 1040 draft the person filing will be able to file your income tax return using a postcard. This article will give you […]