Will your 2018 1040 tax return be simpler to prepare than 2017?
The Tax Cuts and Jobs Act of 2017 made multiple changes to the individual income tax, including changes to itemized deductions and the alternative minimum tax, an increased standard deduction and child tax credit, and lower marginal tax rates across brackets.
These combined changes are expected to simplify the individual income tax return of 2018 for millions of households, as 28.5 million filers would be electing taking the newly expanded standard deduction, instead of itemizing various deductions, reducing compliance costs.
The Internal Revenue Service estimates the average time to complete an individual tax return will decrease by 4 to 7 percent. Converting this to dollar terms, compliance savings could range from $3.1 billion to $5.4 billion.
For further details on this visit: https://taxfoundation.org/the-tax-cuts-and-jobs-act-simplified-the-tax-filing-process-for-millions-of-households/
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