It’s almost funny, except it’s not.
This week, the New York Times commented on the new tax form for 2018. It’s supposed to be postcard-sized. But who mails their tax returns? And if you do, unless you want your private information available for all to see, you will be putting it in an envelope.
It’s supposed to be smaller, but now it’s more complicated. If you are looking for certain deductions, you will have to chase it down on an accompanying worksheet. And what if people don’t know that? Think of the deductions they will miss and the overpayment in taxes they will make. Not fair.
This doesn’t simplify the tax code, nor really save you much time. While there is a higher standard deduction, you have to make sure that this is your best choice of action. For my clients, I gather all necessary information, and analyze which method gives them the most bang for their buck.
I have been taking numerous hours of continuing education on the new tax code, and I can assure you, it does NOT simplify tax filings for everyone. And for those who don’t make it their life’s ambition to study the tax code, there are people who will lose out because they don’t know where to chase certain deductions, how to analyze which methods serve them best, or what situation will they find themselves in when the learn that they don’t know what they don’t know.
Back to the mail-in postcard – if people will be mailing in paperwork to the IRS, it is more processing for an already stretched out IRS. Will refunds be held up? There’s a good possibility…..
In my office, we specialize in working with clients with tax problem – people who made mistakes on a self-prepared tax return and have an IRS notice in hand; people who went to a shady preparer and now will suffer the consequences; people who had a gross misunderstanding of the tax law, etc. We can only expect to see more of these cases with the new tax act.
And all we can do is be ready to serve!
If you need help with tax preparation or an IRS problem, reach out to Choice Tax Solutions Inc.
www.choice-tax.com Tel. 347.598.0111 firstname.lastname@example.org