The idea has been tossed around for years, and politicians love to suggest it would be a priority, but the postcard 1040 might finally become a reality.
As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.
The Internal Revenue Service recently introduced the Tax Exempt Organization Search (TEOS), a new online tool on IRS.gov designed to provide faster, easier access to publicly available information about exempt organizations. It replaces EO Select Check, a more limited tool available since 2012 that focused primarily on providing information on an organization’s tax-exempt status.
"This new tool provides taxpayers an easy way to get information about charitable organizations," said Acting IRS Commissioner David Kautter. "Tax-exempt organizations play a critical role in our nation, and this will provide greater insight for people considering donations." By ensuring the entity you want to donate to is a qualified charitable organization, you are making sure your gift is allowed as a charitable deduction.
The Tax Cuts and Jobs Act changed the way tax is calculated. The IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation.
Among the groups who should check their withholding are:
Among many other changes, the recently passed Tax Cuts and Jobs Act increased the standard deduction, removed personal exemptions, increased the child tax credit, limited or discontinued certain deductions, and changed the tax rates and brackets. To help account for these new changes to the individual income tax the Internal Revenue Service has issued a new 2018 Form W-4, Employee’s Withholding Allowance Certificate.
The IRS explained that certain taxpayers would be more likely to have a change in their tax situation necessitating filing a new Form W-4 with their employers, including two-income families, taxpayers with two or more jobs or who work only part of the year, taxpayers with children who will claim credits such as the child tax credit, and taxpayers who itemized deductions in 2017.
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