New Postcard-Size Tax Return To Be Released

-Source-Forbes- The Republicans promised that tax reform would yield a new postcard-size form 1040 and now Treasury Secretary Steven Mnuchin says they will deliver. A new form 1040 will be released next week according to Mnuchin. It will be a postcard as we have promised" he said. Hardworking taxpayers wont have to spend nearly as much time filling out their taxes."What he didnt say: It depends on what sort of hardworking taxpayer you are. The current form 1040 for filing individual taxes is two pages long and looks like this: There are also variations on the form 1040 including the 1040-EZ and the 1040A (you can read about the differences here). Taxpayers who file using a form 1040 typically have to file more than the two reconciliation pages. There are additional schedules including those for itemized deductions (Schedule A); interest and dividend income (Schedule B); business income (Schedule C); capital gains and losses (Schedule D); and rental and royalty income (Schedule E). Additional forms also exist for home-office deductions (still valid for business taxpayers) mileage (business and charity) charitable gifts that exceed specific amounts or require additional documentation and more. The Tax Cut and Jobs Act (TCJA) made some aspects of filing taxes more straightforwardfor example more taxpayers will claim the increased standard deduction. With no Pease limitations and fewer itemized deductions available (unreimbursed job expenses are gone for example) the chances are that Schedule A will be more simple (you can see what it might look like here).