New Year. New tax law. While most changes to the tax code from The Tax Cuts and Jobs Act of 2017 took affect in 2018, there are a few changes that phased in this year that will have full effect in 2020. This article will highlight some of the biggest changes, as well as offer some steps to either increasing your refund check or decreasing what you owe once April comes around. A few of the changes are (but not limited to): a new tax form for seniors, higher threshold for medical expense deductions, increased standard deductions, and higher income brackets.
Learn more about the 2020 tax changes here: