New Form 1040 Now Available

The IRS has completely redesigned Form 1040, using what they call a building block approach, where the form itself is much shorter but is supplemented as needed by up to six new schedules. As a result, the same form can be used by all taxpayers, from those with the simplest to the most complicated returns. The new form, its 117-page instructions, and the new schedules are available now: About Form 1040

Tesla Tax Benefit to Ratchet Down

Hoping to settle into a Tesla? Best move fast, if you want that tax credit. Because the company passed a threshold of 200,000 eligible vehicles sold, the tax subsidy for its cars will wind down as follows:

  • The full $7,500 tax credit will be available only until December 31, 2018.
  • For the first half of 2019, eligible vehicles will qualify for half that amount ($3,750).
  • For the second half of 2019, the figure is $1,825.
  • Teslas purchased after the end of 2019 will not qualify for the credit.