IRS Releases New 1040 Tax Form 2021

IRS Releases New 1040 Tax Form 2021 the irs released its draft of the new tax form the 1040. couple important changes i'm going to point out here i got that. Coming up hi my name is mike bernard i am the host of the wise money show i'm. Also one of the certified financial planners and owners right here at corehorn financial group welcome to the wise money channel, make sure you hit that subscribe button turn on notifications and smash that thumbs up button alright for all you financial or tax geeks out there just like me no i'm just kidding even.

If you're not a geek you're going to want to know this basically the irs released, their updated draft of the tax return the 1040 tax return for 2020. i'm gonna flash it up on the screen, in the link below i've got a forbes article that you can go check out but i'm gonna cover a lot of it right, here and it's basically it basically looks pretty similar to what we saw last year but some notable changes related to, stimulus and the cares act and a few other things that the irs is targeting so let's just hit, these at a high level number one if you, take a look at the 1040 you will realize once again it will not fit on a. Postcard which i thought was ridiculous when they came out with that making the tax code more complicated and say now we're gonna put it on a postcard remember, when they did that they added about six or. Seven extra pages to your tax return just to make it fit on the postcard which is uh which is completely idiotic in my opinion uh we have the most complicated tax system on planet earth here, in the u.s we do and there's no way, around it unless we want to overhaul the system which we very much need to do and. So don't pretend that it's easy and say it fits on a postcard it doesn't but here's the thing so at the very top hidden you're going to see something brand. New and this is a target from the irs the irs. Has been watching the cryptocurrency craze over the past few years and saying people are under reporting this you've got to claim a gain, on your cryptocurrency on your tax return but there aren't there.

Isn't an efficient mechanism to create tax forms to show that you've made money on your bitcoin or whatever it is right. And uh so we've got this this virtual this e-currency that's happening and yet we haven't we don't have the system.

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