100+ Years of Combined Tax Resolution Experience.
Your 1040 form will be looking a little different this year! The tax form got a major makeover and has been reduced to about the size of a postcard. The changes come on the heels of major changes created by the Tax Cuts and Jobs Act and will affect taxpayers this year. The new 1040 form will eliminate the 1040EZ and 1040A forms, meaning all taxpayers use the new form.
The new 1040 form will only have 23 lines for information instead of the previous 79. This is due partly to the fact that there will be several tax deductions missing on the 1040 form. These include the personal exemption, the deduction for moving expenses and a variety of other miscellaneous deductions. These deductions will no longer be available to taxpayers as they were eliminated in the recent tax reform.
You can either file the new 1040 form with e-file or download the form. There are six new schedules that go along with the form that may or may not apply to you. Depending on what type of tax situation you are in and the credits and deductions you claim, you might not have to file for any of these schedules.
If you need help filing the new 1040 form, Polston Tax can help! Our team of tax accountants and CPA are up to date on the latest tax information and can help you navigate all the changes. If you need help filing your tax return, call us at 844-841-9857 or click below to schedule your free consultation!
If you and the Internal Revenue Service (IRS) disagree on an outcome or decision involving your tax matter, you can legally appeal their decision. IRS tax appeals allow you to state your case to the IRS appeal division for another evaluation. Whether you need to dispute a tax penalty, assessment or other decision from the...
One of the keys to business success is understanding the tax rules and how they apply to or affect your company. In states where marijuana is legal for medical or recreational use, there are usually special taxes that apply to the sale of the drug. If you’re considering opening a dispensary or own one already,...
The landscape of cannabis taxation is as dynamic as the changing tides of its legal status across various jurisdictions. Entrepreneurs and consumers alike must navigate a complex maze of federal and state tax regulations that often clash or overlap, especially as more states join the roster of cannabis-legal states. Businesses entrenched in the burgeoning industry...
As the fiscal year draws to a close, taxpayers might observe a shift in their strategies by assessing the updated landscape of tax brackets for 2023. With the guidance of Polston Tax’s experienced advisors, individuals, and businesses can navigate the system’s complexities, ensuring a path to financial efficiency and potential savings. Tailored tactics can cater...
Sales tax can be a daunting topic for any business owner, especially if your organization sells across state lines. Knowing the ins and outs of sales tax law is essential for staying compliant and avoiding fines, and it can help you set up your business to meet the requirements of different states, including sunny Florida....
When it comes to grappling with the complexities of tax law, the expertise of a local tax lawyer in Oklahoma City can be invaluable. These professionals bring a depth of knowledge to navigate the labyrinth of regulations and stipulations that govern state and federal tax legislation. Whether facing an audit, disputing a tax claim, or...