The IRS recently made an important new announcement, one
that took many people by surprise. It announced that it is currently working on
some changes to the popular 1040 tax forms. The goal of the changes, according
to the IRS, is to simplify the form to allow all taxpayers to use the same one.
One change taxpayers can expect to see is a change in the
size of the tax form. Now, it will be no bigger than a postcard.
Plus, some forms will be going away altogether. This
includes Form 1040EZ and 1040A.
While people have all kinds of different feelings about
these changes, they’re surprising to all. This is the first time in decades
that the 1040 forms have changed at all. Many tax services, as a result, are
scrambling around, working with the IRS to get everything up to date for next
year’s tax season and the new form.
When to Use the New
Form
Taxpayers are doing some “scrambling” of their own. They’re
all wondering if they’ll be able to use the new form. Generally, though, anyone
who has a basic tax situation and can claim the standard deduction will be able
to use the new Form 1040.
Those who have itemized deductions can include them on
Schedule A just as they did before.
The Value of an
Accountant
For special tax situations, however, or if you find yourself
feeling confused about the new forms and whether or not you should be using
them, don’t hesitate to speak with a professional accountant. These experts
understand the new tax laws and changes and will be able to guide you in the
right direction.
Keep in mind too that tax changes pop up all the time and
having a qualified accountant on your side can ensure that you are always
prepared to face any change.