We like to share with our clients what is going on in the world of taxes. We all have to file our taxes, but you don’t have to do it on your own. We are here to help you learn about the tax changes as well as prepare them for you.
One of the ways we like to help is to share with you information about how the tax laws and situations change what we know about taxes from one year to the next. Here is an article about what you can expect from the epic year of 2020.
Excerpt: “As Americans deal with the COVID-19 pandemic, it’s not too early to look ahead to the 2020 tax year filing season including the impact of existing and recent legislation on how you will file in 2021.https://500e6da40ff7b81e8167c007fb879d41.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.html
In addition to several changes brought on by coronavirus-related legislation, other changes for the 2020 tax year were set to happen anyway. These include new standard deduction amounts, income thresholds for tax brackets, certain tax credits, and an increase in retirement savings limits. Others, including deductions for medical and dental expenses, and state and local sales taxes have remained the same.1“