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Draft of 2018 1040 form shows numerous changes

On Behalf of | Jul 3, 2018 | Income Taxes

Georgians will be using new tax return forms when they file their taxes next year. The new Form 1040 has substantial changes and is now one page long. The IRS recently released a draft of the new form. While the new form might make filing taxes easier for many people, others who have complicated tax situations will have a more difficult time.

During his campaign, Trump promised that the tax form would be simplified so that it would fit on a postcard. While the new form is much shorter, there are six different schedules that people may also have to fill out. The information that was contained on the old 1040 was simply moved to the new schedules, meaning that filing taxes next year might not actually be any easier for some people.

In the past, people could choose between the 1040-EZ, the 1040A and the 1040 forms. The new form will be used by all taxpayers. The government got rid of the 1040A and the 1040-EZ forms. Several deductions and exemptions have also been removed from the new form. The IRS indicated that it might still make changes to the draft, but the form offers insight into what it might be like to file tax returns next year.

People who have issues with the IRS might benefit by getting help from an experienced tax lawyer. An attorney may be able to negotiate with the IRS in order to resolve any tax disputes. Attorneys may also be able to help their clients by securing installment agreements or making offers in compromise to settle a client’s tax debts. In some cases, attorneys may be able to negotiate with the IRS to have a client’s tax debts deemed uncollectible so that the client can have a fresh start.

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