Happy New Year everyone! While the new tax law has been in effect for over a year now, most of us will only begin experiencing it over the next few months as we prepare our 2018 taxes. Quite a bit has changed and gradually, throughout the last year we have gotten more and more info on how we might be affected.
One change, and one of the biggest effects the forms we will be using to file our taxes. You may remember talk awhile back about how you will be able to do your taxes on a “postcard”. Well, for some folks there may be some reality in that, while for others, that 1040 “postcard” will likely be accompanied by several new schedules that will be used for the first time. Since a good bit of this information was announced last summer while we were having fun it the sun, it may have fallen on deaf ears. The Motley Fool has put out an excellent synopsis of the changes that will be confronted, so in lieu of this geek recreating the wheel, I encourage you to visit the link below and learn more about it from the geeks at The Fool.
https://www.fool.com/taxes/2018/07/03/the-new-irs-form-1040-5-things-you-need-to-know.aspx
Have a safe and prosperous 2019!