April Q1 Apriljohn Robertsdecrypt: There’s been a lot of talk recently about April Q1 and the effect it will have on the IRS Tax Form 1040. In this blog post, I’ll be walking you through the intricate details of what your tax return is going to look like in April 2018 (or earlier if your form was submitted late) as well as giving you some tips on how to prepare for this powerful date.
What is April Q1?
April Q1 refers to the fact that for the first time in history, the IRS will be forced to start accepting submissions of Tax Form 1040 from all tax payers including U.S. citizens and non-U.S. citizens alike using blockchain technology as opposed to their outdated systems (which were built in the 80s). This transition has been a long time coming and it’s a testament to the power of cryptocurrency.
What is Blockchain Technology?
Blockchain technology is a way of organizing records and ledgers so that they are transparent and can easily be audited by anyone. The most famous example of blockchain technology today is Bitcoin but there are many other uses for it, such as storing medical records or creating smart contracts. You can read more about blockchain technology here.
What does this mean for you?
For the first time ever, you will be able to submit Tax Form 1040 on your own terms and schedule. You will no longer be dependent on the IRS to receive your tax return and you will be able to use the new Tax Form 1040 to claim any deductions that you might have missed during filing.
How do I prepare for this?
To prepare for April Q1, you need to start filing your Tax Form 1040 as soon as possible. Here at Bittax, we offer a range of different tax filing services that can help you accomplish this. You can learn more about them here.
In addition to that, you need to start thinking about what deductions you are going to be taking. You will be able to use the Tax Form 1040 as a way of back-filing your taxes meaning that if you have any deductions or credits left over, you will be able to use the Tax Form 1040 as a way of receiving those.
How will I file my tax return?
The way this works is very simple. You send money and then receive your tax return back in exchange.
How much do I need to send?
If you file using our e-file service, you will be sending 100 U.S. dollars in return for your tax return. If you file by paper and mail, you will have to pay a fee that varies by state. Here’s the list of all states and the fee that you will have to pay:
If you are unsure if you qualify for the free e-file or free paper and mail services which we offer, please contact one of our representatives for a free consultation.
We hope you find this information useful. If you have any questions, do not hesitate to let us know using the contact form here.