Home improvements are a popular way for taxpayers to claim a tax credit and upgrade their homes in the process. For new windows, it’s possible to make a tax deduction. The current tax credits for home improvements are expected to remain in their current form for the next five to seven years.
Claiming New Windows on Your Tax Return
There is a range of different window types that qualify for a tax deduction, including casement, egress, and double-hung. The stipulation is that they must meet Energy Star standards.… Read the rest
For the upcoming tax season, the IRS Form 1040 has changed forever. This goes back to the Tax Cuts and Jobs Act (TCJA), where Americans with simple tax affairs can file their taxes on a form that’s the size of a large postcard.
However, it should be said that online tax filers may not notice any changes at all, so they won’t need to do anything different.
The IRS has worked in collaboration with many tax preparation partners and brands to ensure these changes go through as easily as possible.… Read the rest
The IRS announced in June 2018 that a new 1040 tax form would be released for the 2019 tax year. This initiative goes all the way back to Donald Trump’s campaign trail in 2016, where he wanted to make filing taxes as “simple as sending a postcard.” Well, it looks like he will get his wish based on the latest design draft provided by the IRS.
What Has Changed on the 1040 Tax Form?
Taking a glance, we can immediately see that the new form is about “half the size” of the current 1040 form.… Read the rest