IRS changes for 2020 Taxes
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.
1. Charitable Cash Contribution Write-Offs
Taxpayers who take the standard deduction can also write off $300 in charitable cash contributions.
2. Extenders on Certain Tax Breaks
For 2020, the extenders include tuition and fee deductions for eligible educational institutions, and qualified energy-efficiency home improvements up to a $500 credit limit.
It provides a dollar-for-dollar credit to small and midsize employers for the cost of providing coronavirus-related leave.
3. Tax Credits Related to the Coronavirus Paid Leave Law
4. Waived RMDs for 2020
5. Changes to Beneficiary IRA Inheritance
6. Ability to Continue to Contribute to IRA Accounts
Taxpayers of any age can make contributions to their IRA accounts.
1. Are Stimulus Payments Taxable?
Common COVID Relief Questions for the 2020 Tax Year
2. Is Unemployment Insurance Taxable?
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