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Amerique - 2 semaines ago

Usa: Irs changes for 2020 taxes

Please note: This article provides general background information only and is not intended to serve as tax advice or as a substitute for legal counsel. You should consult your tax advisor or attorney if you have a question requiring legal or tax advice.

Being aware of tax changes before filing taxes can save you a headache. And before you begin looking for specific changes, it’s important to understand the vocabulary of tax season.

The tax year refers to the just-completed calendar year. So the taxes you’re filing during the 2021 tax season are for the tax year 2020. The IRS has already introduced reforms that will apply for the tax year 2021.

There are often subtle changes to the tax code, and a few sweeping tax reforms that command headlines. In 2017, the Tax Cuts and Jobs Act made big changes like increasing the standard deduction and child tax credit and increasing the amount of inheritance that could be protected from taxes.

If you have questions about your specific tax situation, it’s best to talk to a tax professional.

Anna Davies

Related:   IRA tax deduction rules

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