During his campaign, President Trump promised new, postcard-sized income tax forms. Well, it looks like that’s now a reality.
The IRS has release its new 1040 income tax forms and they are indeed the size of a postcard.
Much of the same information is contained in the new form. Additional forms (schedules) may be needed if you deduct expenses such as for teachers or contributions to a health savings account (HSA).
CPA’s are encouraging their clients to examine their mid-year tax status to ensure they are ready for next year’s filing. New income tax forms aside, changes to the federal tax law may cause unintended sticker shock on tax day.
Chief on that list is property taxes, which have been going up around the country. If you were recently assessed, it may be a good time to challenge that assessment and see if you can get your obligation reduced.
Cost of Living
Cost of living varies widely from state to state and city to city. While the full effects of the new tax law have yet to be realized, there’s no question that it will impact people differently based on location.
When it comes to figuring our your cost of living, City vs City has you covered. Our app examines real, local data curated at the zip code level. With this information, we develop an accurate profile at your cost of living.
If you’re thinking of moving, City vs City allows you to select another city to compare your costs with. As a result, you’ll see a side by side breakdown of your cost of living: your current city and another city.
With this information, you can see how moving to a different city would impact your cost of living expenses. If you’re considering a move, don’t make a move without downloading City vs City first!