Check out the new tax changes that could affect your refund
2020 TAX SEASON LETTER
For many of us, 2020 has been one of the most difficult years of our lives. Unemployment, business closures, personal isolation and enormous uncertainty of the future has made 2020 feel like the year that will never end. However, 2021 is here and it is time to discuss steps that can be taken to reduce your 2020 tax bill.
Filing Season Changes (2019)
President Trump recently signed the tax reform bill into law, and it makes major revisions to the U.S. tax code for both individuals and corporations. In fact, the bill represents the most significant tax changes in the United States in more than 30 years.
As the 2020 tax filing season begins, taxpayers will need to prepare themselves for the 2019 federal tax changes congress put into effect.
With that in mind, here’s a 2020 guide with the most common changes that will go into effect for us this tax season.
Tax Reform Bill (2018)
President Trump recently signed the tax reform bill into law, and it makes major revisions to the U.S. tax code for both individuals and corporations. In fact, the bill represents the most significant tax changes in the United States in more than 30 years.
With that in mind, here’s a guide to all of the changes that will go into effect the new tax brackets, modified deductions and credits, corporate tax changes, and more.
Affordable Care Act (2017)
More information regarding the affordable care acttax provisions can be found on the irs website
PATH Act (2017)
More information regarding the (PATH Act) provisions can be found on the irs website
Tax Worksheets
The links below will allow you to access tax worksheets
Please note that it is your responsibility to maintain, in your records, the documentation necessary to support the data used in preparing your tax return(s).
Interest & Dividend_Income Worksheet
Business Profit & Loss Worksheet
Other Checklist
Note: Please fill out with accurate figures for which you have calculated and have retained accurate documentation. Do not use “same as last year” as an amount.
Salvation Army Valuation Guide (for non-cash charitable donations)
Specific Deduction Worksheets
The links below will allow you to access deduction worksheets
Please note that it is your responsibility to maintain, in your records, the documentation necessary to support the data used in preparing your tax return(s).
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