This week is expected to release an updated version of form 1040that the administration of President trump has managed to reduce the size of the cards. However, Finance professionals claim that it is much more difficult to fill out a simple resident of the USA.
New form as the old ones, will be sent in a sealed envelope, which can not fail to please – not everyone wants their social security number was available to the public. Authorities claim a significantly reduced form will allow you to save a lot of time when filling, however, U.S. citizens will have to make many incremental paper documents.
Updated tax report eliminates more than half of the 78 previous positions, reducing two full pages of text to the bilateral format A5.
An old report
A new report
Less does not always mean easier. In the new form there are not many popular articles contributions, such as for example, the percentage of the payments for student loan and educational materials. What does it mean? Now I have to find them yourself and expect by providing the right information in one of the six accompanying sheets. Declaration lines refer to additional materials, containing different variants of deductions.
For example. In the new report form is paragraph number 12 for deductions on tax credit for children, but no to indicate spending on child care. It sends to the cover sheets, which include a number of loans, the cost of child care and savings fees. Following the instructions, you must complete and attach to report incremental form.
How to look like labels? While there is only a proposed project:
The official presentation of the new Declaration 1040 is expected next week. Treasury Secretary Steven Mnuchin said that the authorities managed to fulfill the promise given earlier to the taxpayers. According to him, a new form will be a simple card, and US residents don’t have to spend an insane amount of time and effort filling it in. In addition to the report 1040 also plan to alter the 1040A («short form»), and 1040EZ (for those without dependants).
Design changes can significantly hamper the work of the IRS, I think in the NYTimes. The fact that 90% of taxpayers submitting the Declaration in electronic form. If the new tax will need first to send the CHUNK, and then return to the sender, the probability of multiple failures is close to 100%.
Democrats have already criticized the initiative of the administration of President trump. According to them, a new report form, not so much to facilitate and expedite the transfer of data to tax services for US residents, how much it will add confusion and unnecessary complexity in an already difficult and stressful process of filling out declarations. According to them, most Americans have become accustomed to fill in the existing decades old form, therefore, the introduction of the new Declaration would cause unrest and stress.
However, it is impossible not to admit that, following this logic, it is possible to forget about important components of success such as innovative thinking and progressive ideas. All thought in a new form in order to benefit from it, was greater than that obtained at the first stress from filling up the unfamiliar document? Find out in the near future.
