Form 1040 gets an overhaul under tax reform
Tax reform resulted in broad-based changes to the tax code as well as changes to the Form 1040 and other tax forms.
Tag: itemized deductions
White House budget limits tax preferences
Limitations on tax deductions for high earners and a reduction in expected Social Security benefits are among many provisions in President Obama’s FY 2014 budget proposal. The $3.77 trillion budget, released this week proposes more than $1 trillion in savings from spending cuts, entitlement reforms, and interest savings. Additional revenue from reforming the tax code
Don’t get tripped up by the new tax thresholds
While the new federal tax law brought good news for most taxpayers, there may be confusion for others trying to determine when certain tax provisions apply. The tax reform items are linked to income thresholds with different definitions of “income.” It is important for clients to understand the impact of the legislation on their 2013