CHANGES FOR 2020/2021
Tax Changes and Key Amounts for the 2020 Tax Year
Americans are facing a long list of tax changes for the 2020 tax year. Get familiar with them now so you're ready when it's time to file your 2020 tax return.
December 18, 2020
We were expecting 2020 to be a quiet year in terms of tax law changes. But, boy, were we ever wrong! The government funding bills signed by President Trump in December 2019 included a lot of tax provisions. The economic stimulus packages enacted in March 2020 to help boost the U.S. economy dragged down by the coronavirus added more. Plus, there are several other 2020 tweaks from new rules or annual inflation adjustments. All in all, this means American taxpayers are staring at a long list of tax changes for the 2020 tax year.
If the past is any indication, the IRS should start accepting 2020 returns in late January or maybe early February. But now's the time to start getting ready for tax filing season. And getting familiar with all the new tax laws for 2020 should be part of that process. To help you out, we pulled together a list of the most important tax law changes and adjustments for 2020 (some related items are grouped together). Use this information now so you can save money when it comes time to file your 2020 return.