As part of a drive to simplify the tax filing process, the Internal Revenue Service (IRS) intends on making Form 1040 shorter and easier to understand in time for upcoming tax season.
The brand-new Form 1040 is about half of the current size of the form. It would also replace Form 1040, 1040A, and 1040EZ. The IRS has already released a copy of the new 1040. It’s not the finalized version, but it’s working with the tax community throughout this summer.
These new changes will enable all 150 million taxpayers to file with the new 1040 form.
There will no longer be three different 1040 forms. The IRS, however, will still be able to get the information they need from taxpayers via this new form.
The new Form 1040 is just a base. Taxpayers can add additional schedules if they have more complicated tax affairs. They can do this without the need to submit additional forms, though. Simple tax affairs can be addressed through the basic Form 1040.
Since 90% of taxpayers use either specialized software or the services of a tax preparer, the IRS has decided to work with the tax community over this coming summer. This will allow a smoother transition for anyone involved with the tax interview process and various tax preparation software options.
Any taxpayers who prefer to file paper forms will also take advantage of this new Form 1040. Additional schedules may also be added.
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Online Tax Filing Has all the Latest Tax Forms
Online tax filing is up to date with the latest tax forms, including the new tax deductions and credits.
You can easily and accurately prepare and file the new 1040 form online.
Tax filing websites provide a range of tools and services for finding and calculating the value of tax credits for you and how to claim them. Just answer some basic questions and enter some simple information to see what you could be eligible for.