Tax Tip: Changes to the 1040

Описание: Howdy, this is David Groce, your Texas Tax and Law Man. Every job has its challenges. For a lawyer, we get paid to know and comply with the law and to stay current with the changes in our field of study. For me, that means I get to enjoy the IRS and the federal government’s annual tinkering with the tax law and tax forms.

For the 2018 tax filing season, we used the Postcard Sized Form to report our taxes. It took everything that was concisely stated on a single page and divided it to six schedules to say the same thing.

This year’s new form added back about half of the information they removed last year. Now, the new page one of Form 1040 shows you all the summarized items everyone was used to seeing:

Interest, Dividends, Social Security Income, and capital gains.

This is a great change that helps many individual filers, bankers, mortgage companies, and average folks see their income in a glance.

For business owners and real estate investors, we still get to use the “new” schedules 1 - 6 to report sole-proprietorships, real estate income, farms, and pass-through income from partnerships and S Corps.

Thanks for tuning in. Until next time, Adios.

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Groce Law Firm, Ltd. is a local, Hurst TX law firm with nearly 25 years of business law, tax prep and planning experienced. Our law firm is different. We know the ins and outs of the legal side of your business, and the tax side of your business. We help small business owners maximize their wealth, minimize taxes, and protect their assets and loved ones.

Please visit our website for more information on our legal and tax services, and to read our happy client reviews: www.grocelaw.com

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