Minimizing Your Taxes and Managing Your Complex Affairs

Tax Tips, Finance Tips, Fun Events

Tips for Individuals, Businesses and Charities. Fun Events.

New IRS Tax Forms That You and Your Business Should File

Individual Tax

The 2019 Form 1040 (individual tax return) has been redesigned again.

The president wanted a postcard tax return (which wasted a lot of paper) for 2018 which caused the IRS to move many items (such as capital gains) on the 1040 to 6 main schedules. For 2019, the IRS is reducing the 6 schedules to 3 schedules as many items will now move back to the main 1040.

Business Tax

Starting in 2021, there will be a new 1099-NEC used to report nonemployee compensation paid to independent contractors instead of using Form 1099-MISC.

Richard Pon CPA, CFP