Friday, June 29, 2018

File Your Taxes on A Postcard: It's Coming in 2019

Treasury Releases New Taxpayer Resources
Filing taxes just got a little less taxing. The Treasury Department today unveiled the new return for 2019—a form the size of a postcard, as promised.
The Tax Cuts and Jobs Act passed six months ago nearly doubled the standard deduction, meaning fewer Americans will need to itemize. The new return consolidates the personal information section of the form on the front, and includes the lines used most frequently by Americans all on the back so that the lion’s share of taxpayers won’t need anything beyond this form.
For those who do need to itemize, any additional sheets are topic-specific so taxpayers can easily choose the one they need.
And for those not filling out the form by hand, don’t worry: This new system streamlines online filing as well. We set out to make this system less complicated across the board.
From start to finish, tax reform was all about creating a less burdensome code that worked for American taxpayers. In the six months since tax reform was enacted, workers have been able to keep more of their hard-earned paychecks. That’s a meaningful difference for working families who needed a boost to get ahead.   
It’s about unlocking economic opportunity—which is why it lowered rates and doubled the child tax credit, among other things—but it’s also about returning to simplicity. We could all use a little more of that. June 29, 2018 | Speaker Ryan Press Office |