November 26, 2018 - Douglas Myser

Preparing for next years taxes. This can be easy, if you take some time ahead of time to get organized. The Form 1040 for tax year 2018 is a shorter form and replaces the current form 1040, Form 1040 A and the Form 1040 EZ. The new Form 1040 can be supplemented with up to six additional schedules if needed. If you prepare and file your own taxes electronically, you must sign and validate your electronic tax return by entering your prior year AGI or your prior year Self Select PIN. Some taxpayers using a software product for the first time may need to provide their 2017 Adjusted Gross Income, or AGI, to e file their 2018 tax return. If you're using the same tax software you used last year, you will not need to enter your prior year information to electronically sign your 2018 tax return. Preparing for next years taxes.

Preparing for next years taxes does not have to be complicated. If you find you have a tax debt and want to avoid a potential IRS Wage Garnishment, contact a Tax Resolution firm, and ask them to help you determine your options under the IRS Fresh Start Program.  File electronically in 2019 as you usually do,. Since more than nine out of 10 taxpayers use software or a tax preparer, the IRS is working with the tax community to prepare for the Form 1040 update. Check out IRS Free File to learn more about online free tax preparation and e file options. Taxpayers who file on paper will use the updated Form 1040 and supplement it with any needed schedules.

If you are using a software product for the first time and you have a copy of your 2017 federal income tax return, your AGI is on line 37 of the Form 1040; line 21 on the Form 1040-A or line 4 on the Form 1040-EZ. If you don't have a copy of your 2017 tax return: Ask your paid preparer, if you used one last year. Log in to IRS.Gov/account if you are an existing user. Ask the IRS to mail a Tax Return Transcript to you by requesting it here or call 1-800-908-9946. Allow 5 to 10 days for delivery.