January 28, 2019

Individual Income Taxes: Are you getting ready for your 2018 tax return preparation?

2018 Individual Income Tax Return Preparation


The passage of the Tax Cuts and Jobs Act in December 2017 was the largest overhaul to the US Tax Code in 30 years.  Tax regulations for individual income tax payers were significantly change, as were individual income tax forms.  Regarding forms, the 2 page Form 1040 was reduced to 2 1/2 pages ... Don't ask me why the IRS didn't simply put the form on 1 page!  However, the omitted entries from Form 1040 were replaced with 6 ... yep, 6 ... new Schedule pages.  They are numerically numbered as Schedules 1,2,3,4,5,and 6.  So much for efficiency, right?  Not!

Time does fly by, and April will be here before you know it.  And, along with it, the deadline for paying 2018 individual income taxes, and either filing individual income tax returns or an extension of time to file.  Given all of the changes in 2018 taxes, don't delay preparing for this new tax return season!

Tax Concerns?
About Mary Rae Fouts, EA

Mary Rae Fouts, EA provides tax, insurance consulting, and expert witness services to clients throughout the United States.  For more information visit FoutsFinancialGroup.com.

Mary Rae Fouts

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  5. Hello terrific blog! Does running a blog similar to this take a massive amount work?
    I've very little understanding of coding however I had been hoping to start my own blog in the near future.

    Anyhow, should you have any suggestions
    or tips for new blog owners please share. I understand this is off topic however I just wanted to ask.

    Many thanks!

    ReplyDelete
    Replies
    1. My first suggestion is to find a blog platform that works for you. I liked Blogger the best; many bloggers use Wordpress. They both of many blogging templates available that can be customized without using html or similar coding.

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  6. Will you review my tax return. I don't know if my unearned tax credit is right I thot it would be larger. I can email it to you thanks.

    ReplyDelete
    Replies
    1. Unfortunately no, I do not review tax returns that other people have prepared, before the returns are filed. Reviewing the prepared but unfiled return and charging a fee would require that I sign the return, and accept professional liability for return entries. This liability would required that I personally re-prepare the return, not just 'review' it. MRF

      Delete

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