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The 13 Most Important Things to Know About 2018 Taxes

Source: investopedia.com - Oct 29, 2018

Your 2018 return won’t look anything like what you’re used to. The tax form is new and changes from the Tax Cuts and Jobs Act will substantially change what you can and cannot write off. Here is a roundup of the 13 most important changes to note so you’re prepared for the upcoming tax filing season.
1. New Tax Form

When you file your 2018 return, it’s going to be on a newly designed Form 1040 (not quite the size of a postcard but pretty close). There’s no longer any Form 1040A or 1040-EZ. The new 1040 used by all filers is a short two-pager and is mostly for recapping income, deductions and credits. These items are reported on new schedules 1 through 6.

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Category: General Business