Breaking down IRS forms line by line — what they mean, who needs them, and how to fill them out right.
With the new tax filing season just months away, the Internal Revenue Service (IRS) has released the second draft of federal form 1040-SR, U.S. Tax Return for Seniors. The form, with larger print and less fussy boxes, is intended to make life easier for some of the approximately 15 million senior households expected to file tax returns…
My daughter asked for a pair of throwback Nike sneakers this week to match her ringer tees and scrunchies. Not to be outdone, my son wants a DeLorean. It feels like we’re heading back to the 1980s – and apparently, the Internal Revenue Service (IRS) thinks so, too. This week, the IRS introduced a draft…
What’s the old saying? If you love something, throw it away and then reintroduce it in another tax year? Or something like that? Just as the form 1040 appears to be making a return to a more pre-TCJA-like format, we have another repackaged (sort of) tax form: form 1040-SR, U.S. Tax Return for Seniors. You may…
Just six (or so) months after the Internal Revenue Service (IRS) released the much talked about – and maligned – form 1040 for the 2018 tax year, there’s a new draft in town. Here’s a quick peek at the latest version, intended for the 2019 tax year: Still determined to inspire tax professionals to kick their copy…
Last year, after pushback from taxpayers and tax professionals, the Internal Revenue Service (IRS) promised to revisit form W-4, Employee’s Withholding Allowance Certificate. The IRS issued a statement confirming that “the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020.” Today, the…
With a week to go until Tax Day, if you haven’t yet filed your tax return, all is not lost. You can: Call and hope to get a last-minute tax appointment with a tax preparer; Download tax prep software and figure you’ll squeeze in the time to file while binge-watching The Good Place; Rock back and forth…
If you’re looking for form 1040EZ for the 2018 tax year, you won’t find it: After a few decades, the Internal Revenue Service (IRS) has pulled the plug on the form. The recently redesigned form 1040 is intended to replace not only the old form 1040 but also forms 1040A and 1040EZ. The old form 1040EZ used to…
Tax season kicked off on Monday, January 28, 2019, and the Internal Revenue Service (IRS) expects to process more than 150 million individual tax returns for the 2018 tax year. According to the agency, “through mid-day Monday, the IRS had already received several million tax returns during the busy opening hours.” But not everyone is…
Despite the government shutdown, taxpayers are gearing up for tax season. The Internal Revenue Service (IRS) will begin accepting paper and electronic tax returns on January 28, 2019. That means that many tax forms used to prepare returns are already either in the hands of taxpayers or in the mail. Here’s what you need to know…
Remember those postcard-sized tax returns? They’re here. Sort of. They’re not exactly postcard-sized, but the new form 1040 is smaller than before. The Internal Revenue Service (IRS) has made the new form 1040 and the accompanying six new schedules for the 2018 tax year available on the IRS website. Here’s a peek at page one…
