The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.
For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.
Margin tax rates will change as follows:
Topics: Taxes - Individual, deductions, income tax, IRS
The IRS has released the retirement contribution limits for the 2020 tax year. The new limits are adjusted based on increases in the cost of living.
Topics: Taxes - Individual, Retirement Planning & IRAs, IRS
In a blow to several high-tax states, a federal judge has upheld a key provision of the Tax Cuts and Jobs Act (TCJA), the State and Local Tax (SALT) deduction cap.
Under the TCJA, congress placed a cap on the amount taxpayers could claim on their Schedule A for state and local taxes.
Topics: Taxes - Individual, taxes, IRS, Tax Cuts and Jobs Act of 2017, SALT
The IRS has unveiled the new, redesigned Form W-4 for the tax year 2020. This new form eliminates many of the complex tables used in previous versions and includes many enhancements from the earlier draft version.
Topics: income tax, IRS
The IRS announced that the Modernized e-File (MeF) will be unavailable for brief periods during July and August during scheduled system upgrades. The outages will occur as follows:
Topics: electronic filing, IRS
Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?
Setting up mail forwarding is a great start, but there are a couple more steps you should take:
Topics: Taxes - Corporate & Business, Taxes - Individual, IRS, SALT
National Taxpayer Advocate (NAS) Nina Olson, who is scheduled to retire on July 31st, 2019, addressed Congress for the 37th and presumably last time in her role. Olson, who has held the role of NAS for 18 years, addressed Congress to review the 2019 tax season and the state of the IRS.
Topics: IRS, Tax Cuts and Jobs Act of 2017
Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.
Topics: HSA, IRS, health care
Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
Topics: deductions, taxes, income tax, IRS, Tax Cuts and Jobs Act of 2017
