Tax forms

With the advent of the new tax law, the long promised post card size tax return is now a reality. For the family of four earning $60,000 they should tell their employer not to withhold any tax. They put the amount in box 1 on their W-2's on line one and then subtract the standard deduction of $24,000 and the chart shows their tax due is $3,600. Then add back the $4,000 child tax credit for a refund of $400. That's it. About 90% of all taxpayers will use the standard deduction including most retirees.